by the government in the country Vaccination The effect of the campaign being run is being seen. ICRAAccording to a report by ), in the first quarter of 2023 Gross Domestic Product (GDP) growth is expected to grow in double digits at 13 per cent. On one hand, where the whole world is facing the threat of recession, in such a situation, it is news of great relief for the country’s economy.
The Gross Value Added (GVA) at base price is expected to be 12.6 per cent in the first quarter of FY2023 from 3.9 per cent earlier. ICRA expects sectoral growth in the service sector (plus 17-19 per cent) in the first quarter of FY2023 and plus5.5 per cent in the fourth quarter of FY22, followed by industry (plus 9-11 per cent (plus 1.3 per cent). ) Will happen.
heat will have adverse effects
However, due to the adverse impact of heat wave in many parts of the country, the GVA growth in agriculture and fishing is projected to decelerate from 1.0 per cent in Q1 of FY 2023 to 4.1 per cent in Q4 of FY 2022.
Correct management of vaccination brought speed in development
Aditi Nair, Chief Economist, ICRA, said in a release, “India’s GDP expansion is expected in the first quarter of FY2023. In the first quarter of FY22, as India tackles the second wave of Kovid-19, the broader It has also been successful in conducting the vaccination campaign. People have also become a part of the vaccination campaign by participating in it, which is in the direction of further strengthening the economy of India. According to ICRA, discretionary for middle to high income groups There has been a shift in demand for contact-intensive services from consumer goods. This, in conjunction with an emerging caution in export demand, and the impact of higher commodity prices on volumes as well as margins for the industrial sector, is likely to result in relatively moderate industrial growth. “
Improvement in travel services
With travel-related services improving since the start of FY2023, corporate travel-related demand is expected to increase. Further, within transport, the railways and road sub-sectors are expected to post a healthy recovery in the first quarter of FY2023, as evidenced by healthy year-on-year growth in rail freight and GST e-way bills. getting signal.
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