India records a current account surplus after 10 quarters
The RBI released the Q4 data on balance of payments for the financial year 2023-24, for the period between January to March this year.
The RBI released the Q4 data on balance of payments for the financial year 2023-24, for the period between January to March this year.
The HSBC final India Services Purchasing Managers' Index stood at 59.0 in December 2023.
Capital accumulation led by growth in private capital investment is expected to be the key driver of growth during this period, says the report.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 56.4 in November to 58.5 in December.
Foreign direct investments (FDI) are still highly skewed in terms of states and sectors.
The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 54.3 in September from 57.2 in August.
The marginal growth in India's services PMI was attributed by panellists to greater bookings, better demand conditions and the retreat of the pandemic.
Agriculture accounts for 18.8% of the GVA, whereas the same for industry stands at 28.2% and that for services at 5.3%.
The disconnect is stark because industrial production and capacity utilisation continue to be low for several years, indicating a structural economic slowdown.
The signs of a pick-up hold out hope, but regaining lost ground is the tough task ahead.