India's Economic Activity Weakens Further In November, As Expected: Motilal Oswal
India's Economic Activity Weakens Further In November, As Expected: Motilal Oswal
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Motilal Oswal Report
Our in-house Economic Activity Index for India’s gross value added posted nine-month-low growth of 2.2% YoY in November 2021, compared with 4.1% YoY growth in October 2021 and 5% in Nov-20. The lower EAI-GVA growth was broad-based.
The farm sector grew at the slowest pace in three months, while Industrial and services activity grew at the slowest pace in nine months in Nov-21. Similarly, EAI-GDP grew just 2.4% YoY in Nov-21, against 4.6% YoY growth in Oct-21.
Total consumption growth weakened in Nov-21 on account of-
faster decline in automobile sales,
the first decline in nine months in petrol sales, and
slower fiscal spending growth.
Private consumption growth eased to five-month lows of 5.9% YoY in Nov-21, compared with 6% in Oct-21. Total investment growth at 3.9% YoY was the weakest in nine months, and government capex contracted for the second consecutive month in Nov-21.
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