Digital Desk, Mumbai. As per ICRA estimates, the Gross Domestic Product (GDP) is expected to double to 8 per cent in Q2 of FY23 from 3.8 per cent in Q1 of FY23. Aditi Nair, Chief Economist, ICRA said, “We are forecasting GDP expansion at 6.5-7.0 per cent for the second quarter of FY2023. Importantly, GDP growth is expected to pick up from 8.0 per cent in Q2 of FY2023 to 3.8 per cent in Q1 of FY2023.
Economic activity picked up pace in August 2022 amid easing of supply-side issues like some deficient rainfall, easing of semiconductor availability for the auto sector and accumulation of inventory ahead of festivals, even acting as a slowdown in external demand has continued.
On a year-on-year basis, the performance of nine out of 16 high frequency indicators including GST e-way bill, motorcycle and passenger vehicles (PV), vehicle registration, finished steel, consumption of petrol and diesel in August relative to July 2022 There has been an improvement in 2022.
Meanwhile, the initial figures for the current month are mixed. All India electricity demand witnessed a healthy growth in September 1-13, 2022 due to deficient rainfall in the early part of the month. However, the average daily vehicle registration has registered a sharp MoM decline of 7 per cent in September 2022 so far.
ICRA expects registrations to pick up during the Navratri season, with the start of the 15-day Shradh period likely to disrupt overall retail sales in the month. ICRA is cautiously optimistic that the pre-festive stocking implied by record-high production of GST e-way bills in August 2022 signals a revival in confidence and an improvement in demand for goods.
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