India’s economy grew by 4.4% YoY in Q3 FY23 (Oct-Dec 2022), slowing from the 6.3% growth observed in Q2 owing to a normalizing base. Growth in Q3 was led by strong investment activity and a continued momentum in services, particularly the contact-intensive sector. Private consumption growth slowed driven by the waning of the favourable base effect, while the drag from net exports softened. The manufacturing sector continued to disappoint but the construction sector outperformed. Agriculture growth remained resilient. Despite an upward revision in the past year’s GDP data, the government retained its growth projection of 7% YoY for the current fiscal year. Meanwhile, our projection stands adjusted at 6.8% YoY.
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