Wednesday brought a big relief for the government. Economic data released by NSO has shocked everyone and revealed one more thing that recession will continue in the world, but it will not affect India. The GDP figures have been very good in the fourth quarter. At the same time, there has been an increase in the agriculture sector, mining, service sector, manufacturing sector. On the other hand, there has been a decline in the country's fiscal deficit as compared to last year. It is clear that the country has caught the relief of progress. Neither the recession of Europe nor the possible Great Depression of America can stop it. Let us also tell you how the economic indicators are testifying about this.
What are the economic indicators saying
GDP: The GDP figures for the quarter of March have been seen more than one percent than the estimates. The government had estimated that the GDP data could be 5.1 percent in the last quarter, but this data reached 6.1 percent. At the same time, the GDP estimate for the whole year was 7 percent. The figure in real GDP has come down to 7.2 per cent. The special thing is that the GDNI of FY2022 was seen at 9.2 percent.
Manufacturing Sector: For the last few months, there is a continuous boom in this sector. Clear estimates have also been made by the PMI indicators. This sector is trading with 4.5 per cent in the March quarter. Whereas in the same period a year ago, this data was seen at 0.6 percent. While the manufacturing PMI also reached a 4-month high in the month of April.
Service Sector: On the other hand, the service sector has also got a booster dose. According to the government, services related to business, hotel, transportation, communication and broadcasting have seen a growth of 9.1 percent in the fourth quarter and 5 percent in the same period a year ago. By the way, the service PMI had reached a 13-year high in the month of April.
Mining Sector: This sector has seen almost double growth in the March quarter. There has been a growth of 4.3 percent in the March quarter. In FY 2022, 2.3 percent was seen in the same period. In the coming days, even more speed can be seen in it.
Construction Sector: There was a significant decline in the construction sector for the last few years, but it has seen an increase in the March quarter because there has been a lot of demand in the real estate sector. If you look at the figures, there has been a growth of 10.4 percent in the construction sector sector in the March quarter. Whereas in the fourth quarter of FY22 this figure was 4.9.
Agriculture Sector: The agriculture sector, which contributes significantly to the country's GDP, has seen an increase in the fourth quarter. This figure has been seen at 5.5 per cent in the March quarter. In the fourth quarter of FY2022, the growth in the agriculture sector was seen at 4.1 per cent. This time the shadow of El Nino can be seen on the agriculture sector.
Fiscal Deficit: Relief has also been seen in the fiscal deficit of the Central Government. Compared to the last financial year, there has been a decline this year. In the last financial year 2022-23, the fiscal deficit has been seen at 6.4 percent of the total GDP. Whereas in the financial year 2022, this figure was seen at 6.7 percent. By the way, the government has set a target of keeping the fiscal deficit at 5.9 per cent in the financial year 2024, which is expected to be brought down to 4.5 per cent by 2026.
What do experts say
According to Ajay Kedia, director of Kedia Advisory, India's basic strengths have been seen as compared to the rest of the world. The agriculture sector has been seen to be very strong. On the other hand, due to the price of crude oil in the international market and the cheap oil being received from Russia, the economy has got a boost. Inflation has come down even after the increase in demand. India's position is stronger than America and Europe. Due to which the GDP figures of India have been seen better and can remain strong even further.
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