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Motilal Oswal Report
Preliminary estimates indicate that India's Economic Activity Index for gross value added posted a three-month growth of 9.2% YoY in September 2022, driven by broad-based, faster growth in farm as well as non-farm sectors.
EAI-GVA grew 7.7% YoY in Q2 FY23 (versus 12.8/8.8% YoY in Q1 FY23/Q2 FY22).
After contracting for two consecutive months, EAI-GDP grew at a four-month high of 9.5% YoY in Sep-22, led by higher total consumptions and investments during the month.
Owing to the decline in the first two months of Q2 FY23, EAI-GDP grew at only 1.6% YoY (versus 10/6.8% in Q1 FY23/Q2 FY22). Total consumption grew 7% YoY in Sep-22, led by strong growth in auto sales and higher expected growth in index of industrial production non-durable consumer goods.
Moreover, fiscal consumption grew at a six-month high of 43% YoY in Sep-22. Private consumption grew 4.4% YoY during the month as against 3.5- YoY a month ago.
Notably, total investments grew sharply by 18% YoY in Sep-22 – a three-month high, on account of better growth in all indicators, including accelerated government capex spending.
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