In its "State of the Economy" report, published as part of its monthly bulletin, the Reserve Bank of India (RBI), has informed that the country’s economy has sustained the growth momentum seen in the last fiscal quarter of 2022-23, and the latest inflation outcome has been better than forecast.
The report further stated that in the first quarter of 2023-24 growth is expected to be driven by private consumption, a revival in rural demand and renewed buoyancy in manufacturing on easing of input cost pressures.
India's services exports rose 13.1% on year to $30.48 billion in March, provisional RBI data showed in early May. April services exports as per provisional government data rose to $30.36 billion.
According to the provisional RBI data released by the RBI in early May, India's services exports rose 13.1% on year to $30.48 billion in March. As per provisional government data April services exports rose to $30.36 billion.
The central bank said if services exports maintain their recent high momentum, the drag from net external demand should moderate through April-June 2023. The central bank further stated based on partial data available for April 2023 and assuming an implied GDP growth of 5.1% for Q4 of 2022/23, the economic activity index now casts GDP growth for Q1 2023-24 at 7.6%.
The RBI said the inflation momentum is turning out to be softer than anticipated on account of a fall in wheat prices, the fifth consecutive monthly decline in prices of oils and fats and the third consecutive monthly decline in the prices of eggs.
India's wholesale price based inflation fell by 0.92% from the same month a year earlier, having risen 1.34% in March.
