The gross domestic product (GDP) data, released by the National Statistics Office (NSO) last week, has surprised analysts. While most anticipated the slowdown in demand to reflect in the GDP data, no one expected the economy to expand just 5.4 per cent in the second quarter—a seven-quarter low. Economists at the Reserve Bank of India (RBI) are likely to be particularly disappointed, having projected a 7 per cent growth rate for the quarter in the October monetary policy review. With the economy growing only 6 per cent in the first half of the financial year, the RBI needs to revise its full-year growth projection of 7.2 per cent. During the second quarter, growth was constrained by the manufacturing sector, which expanded 2.2 per cent, year-on-year, compared to 7 per cent in the first quarter. Activity also slowed in the construction sector, while the mining sector registered a contraction during the quarter. The agricultural sector, meanwhile, grew 3.5 per cent compared to 1.7 per cent in the same period last year.
This story is from the December 02, 2024 edition of Business Standard.
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This story is from the December 02, 2024 edition of Business Standard.
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