India’s GDP growth remained impressive in Q2 FY24 at 7.6% YoY, only marginally lower than 7.8% in Q1. Growth was supported by strong investment activity owing to a strong government push on CAPEX and infrastructure development while net exports remained a drag. On the production side, the industrial sector, particularly manufacturing and construction, and the services sector performed well while the agricultural sector slowed owing to extreme weather conditions and erratic monsoon. While we retain a positive outlook, growth is expected to moderate owing to a less favourable base effect, fizzling out of festive season related boost to the economy, and a weaker agriculture sector/rural demand.
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