India’s Q1 FY24 growth likely to be driven by private consumption: RBI

India’s gross domestic product (GDP) growth in the first quarter (Q1) of fiscal 2023-24 is expected to be boosted by private consumption, supported by recovering rural demand. recovery, the Reserve Bank of India (RBI) said in its latest report. Economic report.

The report said inflationary pressures are moderate and inflation is expected to slow to 5.1% in Q1 2024 from 6.2% in the previous quarter.

The central bank said that personal consumption is likely to boost India’s GDP growth in the first quarter of fiscal 2024, supported by an ongoing recovery in rural demand. Inflation is expected to slow to 5.1 percent in Q1 FY24 from 6.2 percent in Q4 FY23. The manufacturing sector is expected to benefit from the fall. reduce input cost pressure.

The report notes that investment activity is also expected to improve thanks to the strength of the capital spending push in public spending and the regulation of commodity prices.

The entire manufacturing sector is expected to benefit from the reduction in input cost pressures.

The consumer price index (CPI) inflation print for April 2023 suggests that momentum is turning weaker than anticipated.

In addition, with capacity utilization in manufacturing straining at trending levels and above this level in some industries, private capital spending will need to ramp up further to add more capacity as demand picks up. the report said.

Fiber2Fashion (DS) News Desk


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