GDP

A relatively stable services trade surplus is expected to cushion the deficit. "A stable services trade surplus of $24 billion would help rein in the current account deficit at $10.1 billion in 2QFY22. The current account was in surplus of $6.5 billion in Q1FY22," the rating agency said.

Besides, pent-up demand, higher exports along with a rise in service activity amid further improvement in mobility supported the uptrend. The accelerated vaccination drive also played a role in this YoY rise as it brightened consumer sentiments. On a YoY basis, India's GDP growth rate had fallen by 7.4 per cent during the corresponding period of the previous fiscal. On a sequential basis, the GDP growth rate during Q2FY22 was lower than the rise of 20.1 per cent recorded for Q1FY22.

As per the ratings agency, gradual removal of lockdown restrictions by most states towards the end of the last quarter will also help the GDP to grow. Besides, it predicted a GVA growth of 7.5 per cent on YoY basis in Q2FY22. According to the agency, the steady progress in vaccination has improved consumer sentiments. Furthermore, the economy has been supported by relative resilience of the industrial sector and a gradual rebound in services sector with improved mobility, buoyancy in exports, and improved government capital expenditure.

Exports in October 2020 had stood at $24.92 billion. According to data furnished by the Ministry of Commerce and Industry, in comparison to October 2019, last month's exports rose by 35.21 per cent. As per the data, India's merchandise imports last month increased by 62.49 per cent to $55.37 billion over $34.07 billion in October 2020.

IESA is the key industry body representing the Electronics Systems Design and Manufacturing (ESDM) and intelligent electronics industry in India. Through its deep connection with its member companies, IESA aims to grow the ESDM and electronics business segment in India while making India the preferred destination for electronics and semiconductor design and manufacturing.

The agency credited the upward revision in the GDP to the brightening prospects for H2FY22 which is expected to benefit from the rapid ramp-up in Covid-19 vaccine administration, healthy advance estimates of kharif output and easing of cash management measures related to the Central government's spending.

In the first quarter of the financial year 2021-22, India's GDP witnessed a growth of 20.1 percent compared to the same period of the last fiscal. According to the EcoScope report of Motilal Oswal Financial Services Limited (MOFSL), there would be some moderation in Economic Activity Index-Gross Value Added (EAI-GVA) growth in July 2021, largely on account of weaker fiscal spending.

The data released by the Union Ministry of Statistics on Tuesday showed that the country's GDP has recovered swiftly to clock a growth of 20.1 percent in the April-June quarter of FY22 as against a contraction of 24.4 percent seen in the same period of the previous year.

In 2020, the pandemic had battered the country's GDP which had contracted by 24.4 percent during Q1FY21. India's GDP at constant 2011-12 prices has been estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1FY21.

In 2020, the pandemic had battered the country's GDP which had contracted by 24.4 per cent during Q1FY21. India's GDP at constant of 2011-12 prices has been estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1FY21. Last year, the pandemic-triggered national lockdown during Q1FY21 had a massive impact on the economy. It was only on June 1, 2020 that the partial unlock measures were implemented.