New Delhi: Bharat Tex 2024: Let’s take textile industry to countries where we know the market. The Textile Minister Piyush Goyal said here in Bharat Tex 2024.
India’s Gross Domestic Product (GDP) registered a growth of 8.4 per cent on an annual basis in the third quarter (October-December), as against a 7.6 per cent in the previous quarter. The data released by the National Statistical Office (NSO) showed Thursday.
According to a median poll of 15 economists conducted by ET, the economy was expected to grow by 6.6 per cent in the third quarter. Forecasts varied from 6 per cent to 7.2 per cent for the quarter ended December. Meanwhile, the Reserve Bank of India (RBI) had estimated a growth rate of 6.5 per cent for the same period.
A Reuters poll had anticipated that economic growth would fall below 7 per cent for the first time in the current fiscal year during the October-December period, due to a sluggish manufacturing sector and weakening consumption.
NielsenIQ, a market research firm, reported a slowdown in sales volume growth in the Indian consumer goods sector in the December quarter, with retailers facing challenges, particularly in rural areas, where recovery from the COVID-19 pandemic has been slow due to high living costs and weak wage growth.
This scenario has impacted companies like Hindustan Unilever and Britannia Industries, which posted subdued quarterly profits due to subdued rural demand and heightened competition.
A growing economy
India is expected to maintain its position as one of the world’s fastest-growing economies, with the government’s first advance estimate projecting a growth rate of 7.3 per cent for the current fiscal year. This comes amid a slowing China and a eurozone narrowly avoiding a technical recession.
Kaushik Das, an economist at Deutsche Bank, highlighted India’s long-term growth potential, anticipating minimum real GDP growth of 6 per cent to 6.5 per cent and nominal GDP growth of 10 per cent to 11 per cent over the next two decades, surpassing comparable emerging market countries.
