As a percentage contributor to nominal GDP, PFCE’s share was 60.1 per cent in FY23, compared with 59.6 per cent and 60.8 per cent in the two preceding fiscal years. “Although PFCE is expected to grow 7.7 per cent in FY23, we believe it is still short of a broad-based recovery. “The current consumption demand is highly skewed in favour of goods and services consumed largely by the households falling in the upper income bracket. “A broad-based consumption recovery, therefore, is still some distance away,” said Sunil Kumar Sinha, principal economist with India Ratings.
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