Key highlights:
- GDP growth jumped to 7.8% in Q1 FY24 from 6.1% in the previous quarter.
- Continued strength in services and construction activities as well as a favourable base supported the growth.
- Private consumption picked-up while investment demand remained strong.
- Net exports was a drag on the overall growth.
- We maintain our projection for FY24 GDP growth at 6.5%.
- Downside risks emanating from weather related challenges, high food inflation and weak external demand persist.
