Q3FY22 growth disappoints, led by manufacturing
Surprising the street, India’s economic expansion slowed to 5.4 per cent Q3FY22, depicting concoction of unfavourable base effect and consolidation of activity. The industrial sector led the slowdown where growth was sharply slower in manufacturing, partly owing to supply chain disruptions, led by auto sector and sequential easing in corporate profitability. Construction, on the other hand, contracted, while mining also slowed. Electricity demand remained resilient amid decent mobility level and freight traffic movement, while power consumption also held up well. Uneven monsoon and weaker rural demand implied agricultural growth weakened further to 2.6%. Services clearly
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