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Motilal Oswal Report
Our in-house economic activity index for India's real gross value added (EAI-GVA) posted a higher growth of 3.7% YoY in February 2022 versus a meager growth of 0.7% YoY in Feb-21 and 2.6% YoY in January 2022.
This was primarily driven by a higher growth in non-farm sector as farm sector continued to contract for the second successive month.
EAI-gross domestic product, however, witnessed a three-month low growth of 4.7% YoY in Feb-22 due to a sharp negative contribution from external trade. On the contrary, domestic consumption and investments performed well during the month.
The 4.7% YoY EAI-GDP growth was supported by strong government core revenue growth of 40% YoY in Feb-22 (albeit slower than the 51% YoY growth in Jan-22). Excluding government spending, EAI-GDP grew at a three-month slow pace of 2.7% YoY in Feb-22, versus 3.2% YoY in Jan-22.
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