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CareEdge Research Report
India's economy grew by 6.3% in the second quarter of FY23 following a double-digit growth of 13.5% in the first quarter of this fiscal. The slowdown in growth compared with the first quarter was on account of the normalisation of the base and a contraction in the manufacturing sector's output.
However, both sequential improvement and good growth over the pre-pandemic level (Q2 FY20) signal the economy's resilience despite global growth and financial uncertainties.
The gross domestic product growth in Q2 was only marginally higher than our expectation (6.2%) mainly because of higher-than-expected growth in trade, hotels, transport and communication-related sectors.
On a sequential basis, domestic economic output expanded by 3.6% reversing the contraction seen in the previous quarter with services gaining momentum.
When compared with the pre-pandemic period, GDP has recorded a growth of 7.6% with a broad-based recovery across sectors.
Increasing discretionary spending and higher mobility have boded well for the services sector. The industrial sector's performance was led down by the manufacturing sector which contracted by 4.3% (YoY).
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