India’s Economic Activity Sustains Momentum In November, Expect Real GDP Growth In Q3 FY21: Motilal Oswal
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Motilal Oswal Report
Our in-house Economic Activity Index (EAI) for India’s real gross value added (called EAI-GVA) grew for the third consecutive month - albeit slower by 5.2% YoY in November 2020 - following 6% growth in the previous month.
Growth in the farm sector once again surpassed growth in the non-farm sector in Nov-20.
However, the EAI-GDP index (our in-house measure of official gross domestic product) contracted just 4.2% YoY in Nov-20, following decline of 8.1% in October 2020.
Slower decline was largely attributable to 47% YoY growth in government consumption expenditure (GCE).
Excluding GCE, EAI-GDP contracted 5.9% YoY in Nov-20 versus a fall of 6.6% YoY in Oct-20.
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