India Macro Weekly: Economic health improves, international flows strong

For the week ending December 2, 2017:
  • Growth in Gross Value Added (GVA) improved to 6.1% in Q2, 2017-18, a three quarter high, on account on some pick up in industrial growth. Agriculture and services, however, showed a softening. 
  • Growth in Gross Domestic Product (GDP) commensurately improved to 6.3%, on account of some improvement in investment growth as well as a softening in trade deficit, but despite a cooling off in consumption growth.
  • Credit growth rose to a 7 month high of 5.9% for October, 2017 as the drag from industrial credit lessened and growth in credit to services stabilised. Data for the fortnight ending November 10 shows further pickup in credit growth to 8.6%.  
  • Growth in the Index of Core Industries corrected from the previous month, but still stayed relatively healthy at 4.7% in October 2017, despite a strong base.
  • On the external sector front, FDI inflows in the first half of 2017-18 came in strong, rising by 63.4%.  
  • External borrowings came in at their highest since February 2014.


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