Reserve Bank of India or RBI stated in a monthly update yesterday that real GDP expanded at a six-quarter high rate in October-December 2023, powered by strong momentum, robust indirect taxes and lower subsidies. RBI’s nowcast of real GDP growth for January-March 2024 seen in conjunction with high-frequency indicators for the fourth quarter suggests that the NSO’s estimate for the full year 2023-24 will be exceeded and a rate closer to 8% may be clocked. Purchasing managers’ indices (PMI) reflect buoyant demand conditions, rising investment in technology, efficiency gains and favourable sales growth. The overall level of business confidence points to robust optimism about near-term prospects.
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