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ICRA Research Report
Broadly in line with our forecast (up 13.0%), India's gross domestic product growth surged to a four-quarter high of 13.5% in Q1 FY23 (up 4.1% in Q4 FY22) in YoY terms.
On the expenditure side, private final consumption expenditure (up 25.9%) and gross fixed capital formation (up 20.1%) powered the YoY GDP expansion in Q1 FY23, amid an anaemic growth in government final consumption expenditure ( up 1.3%) and a sizeable drag from net exports in the quarter.
The services gross value added expanded by 17.6% YoY in Q1 FY23, aided by a low base and a robust, albeit incomplete, recovery in contact-intensive services, even as the performance of some industrial sub-sectors such as manufacturing and mining and quarrying was relatively subdued, reflecting the impact of elevated commodity prices on business margins in the quarter.
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