Indian Economy Surprises with 6.1% Growth in Q4, Fiscal Year 2022-23 Ends at 7.2% Expansion

Indian Economy Surprises with 6.1% Growth in Q4, Fiscal Year 2022-23 Ends at 7.2% Expansion

India’s Economy Beats Expectations, Achieves 6.1% Growth in Q4; Fiscal Year 2022-23 Records 7.2% Expansion

In a remarkable turn of events, the Indian economy exceeded all projections by achieving a growth rate of 6.1% in the fourth quarter of the fiscal year 2022-23. The data released by the government on Wednesday showcased a significant improvement from the revised 4.5% growth witnessed in the previous quarter. This growth surge was primarily driven by a 5.5% expansion in the agriculture sector and a 4.5% growth in manufacturing. Furthermore, construction, services, and mining sectors also experienced impressive growth rates.

The economy’s performance throughout the fiscal year exhibited a growth rate of 6.1% during the March 2023 quarter, while the rates were recorded at 4.5% in October-December 2022 and 6.2% in July-September 2022. The initial quarter of April-June 2022 witnessed an outstanding growth rate of 13.1%. Although the high-frequency indicators indicated a positive momentum in April, with increased tax collections and a flourishing services sector, a decline in exports and imports posed some challenges. Nevertheless, apart from monsoon variations and geopolitical risks, the economy is expected to surpass the initial estimate of 6.5% for the current fiscal year (April 2023 to March 2024).

Several positive factors contribute to the stability of the economy, including a consistent current account deficit, rising foreign exchange reserves, and a decline in inflation to an 18-month low of 4.7%. However, risks such as below-normal monsoon, potential crop damage due to hot weather, and volatile global commodity prices that may fuel inflation should be considered. Economist Rumki Majumdar from Deloitte India commented on the pleasantly surprising yet somewhat expected GDP numbers.

The revival of the manufacturing sector is particularly noteworthy as it had been a concern for policymakers due to its modest recovery. Majumdar expressed enthusiasm about the strong growth in manufacturing and construction, highlighting their significance in attracting private investment in the upcoming quarters. With high levels of industry capacity utilization and increased government capital expenditure, private investments are expected to enter the market earlier than anticipated. Additionally, high-frequency data on credit disbursement and light diesel oil consumption indicate a rise in manufacturing activities for this fiscal year.

The Gross Value Added (GVA) growth for the fiscal year ending in March 2023 stood at 7%, compared to the previous year’s growth of 8.8%. Notably, the manufacturing sector witnessed accelerated GVA growth of 4.5% in the March 2023 quarter, in contrast to a meager 0.6% growth observed a year ago.

VST CoreB Propels the Growth of the Indian Trailer Industry Forward with Its Focus on Innovation and Safety

VST CoreB Propels the Growth of the Indian Trailer Industry Forward with Its Focus on Innovation and Safety

In the last two decades, the trailer industry in India has taken several giant strides and has emerged as an industry that is contributing greatly towards the growth of the Indian economy. The awareness around trailers has also played an important role in several businesses engaging with this industry. As compared to heavy trucks, trailers offer a minimal cost of transportation per tonne per kilometre. Another factor that has propelled the growth of the trailer industry forward is the expansion of the road network in the country.

Today, there are many companies that are a part of the trailer industry in India. The one company, however, that has left an indelible impact in this sector with its innovative practices and the visionary mind of its founding members is VST coreB. The foundation for VST coreB was laid in the year 2019 by Mr. Sitaram Yadav, who serves as the Chairman of the VST United Group. Currently, Vikas Yadav serves as the MD & CEO of VST coreB. The responsibilities of the company as a MD & COO are shouldered upon by Vijay Yadav.

Talking about what separates VST coreB from other companies in the industry, Vikas Yadav, CEO & MD, says, “We specialize in making technology-driven products that cater to the needs or demands of our clients. We have always believed that one must keep a close watch on the ever-changing technological landscape and adapt accordingly. The products offered by us boast of high-end efficiency. Our trailers are characterized by minimal fuel combustion, advanced breaking mechanism and produce limited carbon emissions. We make it a point to use high-quality components while putting together our trailers.”

VST coreB has its headquarters in Kotputli, a small city in Rajasthan that serves as the base for some of the biggest infrastructural projects in the country. Among other things, VST coreB is known to be a company that prioritizes safety procedures over other everything. When a business organization invests in the trailers manufactured by VST coreB, they know they can be sure about the safety of their goods. VST coreB trailers being best trailer manufacturer in India, equipped to cater National Logistics Policy for maximising growth.

“Safety has always been our biggest priority. For implementing safety-based procedures, too, we resort to technology. We have discovered and implemented several unique safety techniques which have been replicated by other companies based in this industry. We have also put together presentations and organized seminars to create awareness of how well-designed safety procedures can be used to avoid accidents. We have conducted extensive research on driving behaviour or pattern of driving professionals and corrected them as and when necessary. We have also installed advanced tools like object detection sensors in our trailers in a bid to add another layer of safety to them”, says Vikas.

The initiatives taken up by top trailer manufacturer VST coreB always become a subject of discussion in the trailer industry. Apart from having a highly professional approach to doing this, the company is known for leading the industry with its innovative methods and techniques. When a business organization collaborates with VST coreB, they get assured of timely deliveries or supplies. The company also specializes in making customized products that are offered at very economical prices. VST coreB trailers is working towards catering national logistics policies to help consumers to speed up their efficiency, accelerate their production and operation processes and breakdown their cost and time effectively.

The evolution of the Indian economy in 2022-2023 according to Mandhir Singh Todd

The evolution of the Indian economy in 2022-2023 according to Mandhir Singh Todd

In an economic context that has been globally complex, where many countries have experienced record inflationary numbers, India not only manages to avoid the prolonged inflationary scenario, but also, according to studies, it is on its way to becoming the economy of fastest growing in the world, according to the Reserve Bank of India (RBI). Mandhir Singh Todd explains everything about the current economic situation in India and its projections for 2023.

India and a recovering economy, according to Mandhir Singh Todd

According Mikey Todd, although it is inevitable that the geopolitical tensions caused by the war in Ukraine will affect the Indian economy in the way they are doing worldwide. The country is also experiencing a context of reactivation of economic growth, to which is added the excellent planting season to increase the expectations that rural demand and urban spending will be able to equalize. Regarding inflation, which is the data generating concern throughout the planet, in India, it has come to exceed 7%. Regarding this data, the RBI has maintained that the worst is over. However, they argued that it is necessary to maintain moderation in the prices of raw materials over time, as well as a relief in the supply chain, in order to avoid a greater problem in inflation.

The role of oil

Mandhir Singh Todd explains that another of the interesting facts that the RBI has sustained is related to the high prices of crude oil, India being one of the main producing countries of this in the world. Considering its impact on the country’s current account deficit, it will widen to 2.3% in total in 2022 that provides the assumption that the oil price reaches $105 per barrel be met.

IMF projections for India and the world

Recently, explains Mandhir Singh Todd, the International Monetary Fund (IMF) has cut its economic growth forecast for India for fiscal year 23, by 0.6 percentage points, placing it at a maximum of 6.8%. This is in a context in which both the IMF and other international financial agencies ensure that the global economic crisis has not yet reached its worst moment.

In this sense, Mikey Todd says that the IMF had forecast a 7.4% GDP growth for India in July 2022 in the fiscal year beginning in April 2022. However, that projection was lower than that established in January 2022. The same year, which was 8.2%. In FY21-22, India achieved growth of 8.7%, especially related to the low base effect caused by the coronavirus pandemic lockdown in FY20-21.

Now, in the annual World Economic Outlook report, released in October, the IMF said the outlook for India in FY22 is 6.8%, reflecting a weaker-than-expected result in the second quarter, as well as lower external demand. These data given in a context in which global economic projections reflect considerable slowdowns for large economies. An example is a contraction of GDP in the United States during the first half of 2022, as well as a contraction of the Eurozone in the second half and the closures in China due to the prolonged outbreaks of Covid-19 that led to a crisis in the real estate sector in that country.