CRISIL Research has come out with its report on GDP. India's GDP grew by 5.7% in Q1FY15, the highest in 10 quarters.
India's GDP grew by 5.7% in Q1FY15, the highest in 10 quarters. Industrial GDP rose by 4.2% showing clear signs of a revival, after a near 0.4% growth in FY14. An uptick in investment demand and exports was visible. In addition, lifting of mining ban in Goa (in April 2014) helped raise mining output, for the first time in 9 quarters. Private consumption demand however, remained sluggish but is expected to improve in Q2 as indicated by higher sales of cars, and consumer goods.
While agriculture performed well in Q1 (3.8% y-o-y) on the back of a bumper rabi crop, a weak monsoon during the current season, will play spoilsport going ahead. We thus, expect agriculture growth to average only 1% in FY15. As a result, India's GDP growth will be capped at 5.5% in FY15 – still a lift from the 4.7% last year, as a result of industrial pick-up due to higher exports and domestic investment. Several small steps announced by the government to improve the ease of doing business, are lifting investor sentiment - results of business confidence surveys are proof of that. Speedier implementation of stalled projects and gradual easing of mining bans will help further. However, the outcomes of the review of coal block allocations made in the past, will be crucial to decide the fate of mining output.
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
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