India GDP News LIVE Updates: India likely to show double-digit growth; consumer

July WPI inflation

India’s Wholesale Price Index in July 2021 eases to 11.16 per cent YoY as it finally falls below 12 per cent after seeing a record high in May. The high rate of inflation is because of the low base effect and soaring prices of crude oil and manufactured goods.

Govt wants to raise auto sector contribution to GDP

The government looks to increase the contribution of the automobile sector to India’s GDP to 12 per cent from the present 7.1 per cent and grow employment generation to 50 million from the current 37 million, Union minister Nitin Gadkari said on Wednesday.

Better consumer sentiment

The index of consumer sentiments (ICS) improved 10.7% in July 2021 to 53.1 over June 2021, signalling a smart but incomplete bounceback after the second wave of the pandemic pulled it down to 48 in May, said the Centre for Monitoring Indian Economy. However, it was still just half of its level before the Covid-19 induced lockdowns began in March 2020 when it stood at 105.3 in February 2020.

Roots of economic recovery deepen in July

With the easing of COVID-19-related restrictions by the states, the roots of the economic recovery deepened in July 2021, says a report. The unlocking in the country has manifested itself in improving performance across various high-frequency industrial and service sector indicators, mobility, and toll collections in July 2021, according to a report by Icra Ratings.

Significant rebound in formal sector hiring in June

Formal sector hiring rebounded significantly in June, after registering a dip in May, as the second wave of the pandemic ebbed out resulting in an uptick in economic activity.

Ashima Goyal on India’s economic health

Despite the Covid-19 severe shock, India’s macroeconomy is more healthy and ready for faster growth than it has been for a long time. That recovery from both the first and second waves was faster than expected points towards inherent strengths of the economy,” Ashima Goyal said.

We have projected a GVA YoY growth of 20 per cent and a GDP growth of 22-23 per cent for Q1FY22

– Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research

Slower recovery pace in August

The Nomura India Business Resumption Index (NIBRI) rose to 102.7 for the week ended August 29 from 101.3 the previous week, Japanese financial holding company Nomura said on Monday. However, the pace of recovery slowed in August as the index was up 5.6 percentage points (pp) after a 17.1 pp rise in July and a 15 pp rise in June.

FDI equity inflows more than double in Q1

Total FDI inflow rose to $22.53 billion during the first quarter of FY22 as against $11.84 billion in the same period last year, the commerce and industry ministry said in a statement. Total FDI comprises equity inflows, reinvested earnings…