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ICRA Research Report
The National Statistical Office has pegged the YoY growth in India's real gross domestic product and gross value added at basic prices for Q3 FY22 at lower-than-expected 5.4% and 4.7%, respectively (our expectations up 6.2% and up 6.0%, respectively).
The most encouraging piece of the disaggregated GDP data is the 7.0% expansion in private consumption in Q3 FY22, which coupled with the mild rise in current consumer confidence in January 2022 despite the onset of the third wave, bodes well for the outlook for demand and capacity utilisation.
However, the feeble 2.0% YoY rise in gross fixed capital formation was the biggest disappointment, reiterating the tentativeness of the investment cycle.
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