India's economy rises, LEI Up 0.3%, CEI Jumps 4.2% in Oct 2023: TCB

Over a six-month period, from April to October 2023, the LEI recorded a 2.9 per cent growth, slightly outpacing the 2.5 per cent growth rate observed in the previous six months.

In a parallel development, The Conference Board coincident economic index (CEI) for India exhibited a more robust growth. The CEI surged by 4.2 per cent in October 2023, landing at 149.8, and more than compensating for a 4.1 per cent decline witnessed in September.

This indicator, which reflects current economic conditions, has also shown a consistent improvement over the six-month span from April to October 2023, growing by 5.1 per cent. Notably, this growth rate mirrors the increase observed in the previous six months, from October 2022 to April 2023.

“The India LEI increased slightly in October,” said Ian Hu, economic research associate, The Conference Board. “Improvements were seen across the majority of the LEI’s components. Improvements in the coincident index, while not consistent over the past six months, help to confirm India’s robust pace of growth in 2023. As such, The Conference Board forecasts year-over-year real GDP to expand by 6.9 per cent in 2023, but expects it will moderate to 5.1 per cent in 2024, considering moderate improvements to the leading indicator.”

ALCHEMPro News Desk (DP)