Growth in private corporate sector sales moderates to 4.7% in FY24: RBI

Annual sales growth of listed private non-financial companies moderated to 4.7 per cent during 2023-24 from the high of 19.8 per cent in 2022-23, which included the post-pandemic recovery period, Reserve Bank of Indias (RBI) data showed. The Reserve Bank released data on the performance of the private corporate sector during 2023-24 drawn from abridged financial results of 3,281 listed non-government non-financial (NGNF) companies. Among major sectors, sales of manufacturing, information technology (IT) and non-IT services companies rose by 3.5 per cent, 5.5 per cent and 7.9 per cent, respectively, during 2023-24 as compared with 18.0 per cent, 19.4 per cent and 33.5 per cent, respectively, in the previous year. During 2023-24, sales of automobiles, electrical machinery and pharmaceuticals industries remained buoyant but the manufacturing sectors overall performance was mainly dragged by chemicals and petroleum industries; barring computer & electronic equipments and pharmaceuticals, all sub-sectors recorded deceleration in sales growth.

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