Welcome you tothe Twentieth edition of Devmantra Times for the month of October2022. Wish our readers Happy Durga puja & Dussehra.
Economic Growth
The Indian economy expanded 13.5% year-on-year in the second quarter of 2022, the most in a year but less than market forecasts of 15.2%. Gross value added increased faster for agriculture,forestry & fishing (4.5% vs 2.2% in Q2 2021); electricity, gas, water supply & other utility services (14.7% vs 13.8%); financial, real estate & professional services (9.2% vs 2.3%) and public administration, defence& other services (26.3% vs 6.2%). On the other hand, a slowdown was seen for mining & quarrying (6.5% vs18%); manufacturing (4.8% vs 49%); construction (16.8% vs 71.3%) and trade, hotels, transport,communication & services related to broadcasting (25.7% vs 34.3%). On the expenditure side, household consumption accelerated (25.9% vs 14.4% in Q2 2021) and government expenditure rebounded (1.3% vs -4.8%). Meanwhile, gross fixed capital formation slowed (20.1% vs 62.5%) and net foreign demand contributed negatively to growth, as exports rose 14.7% while imports advanced at a faster 37.2%.
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