Manufacturing sector a major disappointment as it contracted 1.1% in Q3. Services such as tourism, transport & communications saw strong growth in this quarter.
Analysis of industrial & consumer data not included in usual ‘high-frequency indicators’ shows although demand seems to have recovered from pandemic, it remains weak.
Absence of basic data, such as census, harms the country's statistical system & policy analysis. In such a scenario, CMIE, CRISIL, Skymet have become reliable sources for quality data.
The government has revised its GDP growth estimate for 2021-22 to 8.7 per cent on account of economic disruptions caused by the Covid-19 pandemic and spike in inflation.
Demand during the festive season has helped keep momentum rolling. Data due 30 November will probably show July-September GDP grew 8.2% from a year ago.
If we compare Indian states to India’s neighbourhood, we find that only Goa, Sikkim, and NCT of Delhi have a GDP per capita higher than China’s GDP per capita of $16,772.
India's economy could contract by around 1% in the Q4 if one takes into account the revised full year GDP numbers for the current fiscal. For the full year, NSO forecasts steeper contraction of 8%.
Construction, manufacturing, mining & services industry like hotels and transportation are to be the worst hit, says first advance GDP estimate released by the National Statistical Office.
Driving an electric vehicle for months, the Hyundai IONIQ5, BMW iX and now the Kia Carens Clavis electric, has convinced me of the viability of EVs for city and mid-range commutes.
With the US-India trade deal yet to get done, rupee depreciation may be helping to mitigate India’s loss of competitiveness. The other problem is extreme despondence among overseas equity investors.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
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