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YoY growth of India's Apr ICRA business activity monitor dips to 5.5%

29 May '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • India's year-on-year growth of ICRA business activity monitor dropped to a 13-month low of 5.5 per cent in April this year due to a negative base effect, unseasonal rainfall, and a significant decrease in non-oil exports.
  • This is down from 7.2 per cent in March.
  • However, the month-on-month dip was less severe in April compared to the same period in 2019.
Led by an unfavourable base effect, unseasonal rainfall across most parts of the country and a double digit contraction in non-oil exports, India’s year-on-year (YoY) growth of ICRA business activity monitor dipped to a 13-month low of 5.5 per cent in April this year from 7.2 per cent in March.

However, the disaggregated data revealed a mixed trend, with half of the 16 constituent indicators recording a deterioration in April relative to the prior month.

The month-on-month (MoM) dip was narrower in April compared to 2019, while growth over pre-COVID levels improved In line with the seasonal downtrend post a typical surge in March of every fiscal.

The growth of index over pre-COVID levels of 2019 improved to 22 per cent in April this year from 19.2 per cent in March even as the number of indicators reporting above pre-COVID volumes eased to 11 from 12 respectively.

ALCHEMPro News Desk (DS)
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