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Significant improvements were also noticed in the domestic supply delivery time, backlogs and decline in truck freights, which was reflected in the fall of index of supply chain pressures for India, the report said.
India’s gross domestic product (GDP) is expected to be much higher in the first quarter of this fiscal (Q1 FY23), in which a 15.7 per cent growth is expected with a wide possibility of an upward bias as several high-frequency economic indicators have shown sound progress, according to the latest Ecowrap report by the State Bank of India (SBI).
Economic progress is seen despite global spillovers, elevated inflation and some slackening of external demand as geopolitical developments take their toll on world trade. An intense heatwave in major regions across India during summer limited economic activity as well, it noted.
GDP growth as per National Stock Exchange 2.07 per cent composite leading indicator (CLI), which includes parameters from almost all the sectors based on monthly data, shows early signals of turning-points in the economic activity, the SBI Ecowrap said.
Out of the 41 high-frequency leading indicators, 89 per cent are showing acceleration compared to 75 per cent acceleration in FY22.
Private final consumption expenditure in real terms that had declined significantly by ₹4.77 lakh crore in Q1 FY21 owing to the pandemic recovered by 46 per cent in Q1 FY22.
Fibre2Fashion News Desk (DS)
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