India’s economic growth slows to 4.1% in March quarter

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The economy grew at the slowest pace in a year during the March quarter.

Bengaluru:

India’s economic growth slowed to 4.1% year-on-year in the January-March quarter, the slowest pace in a year, official data showed on Tuesday, amid growing risks from the rise in crude oil and commodity prices after Russia invaded Ukraine.

Economists in a Reuters poll had forecast gross domestic product in Asia’s third-largest economy to rise 4% year-on-year in the January-March quarter, compared with an upward-revised 5.4% in the October-March period. December and 8.5% in July. -September.

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“Going forward, as the continued normalization of the contact-based service industry, the revival of private investment spending through PLI programs and the ‘China plus 1’ strategy, the government’s continued focus on spending investment and improved rural consumption through higher crop income realizations act as tailwinds, slowing global growth, high energy prices, rising rates cycle interest and tighter financial conditions will be the main headwinds,” said Garima Kapoor, Economist – Institutional Equities, Elara Capital, Mumbai.

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“While strong energy prices are expected throughout FY23E, we are reducing our FY23E GDP growth expectation to a revised 7.5% from baseline. 7.8%, she added.

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