Iman’s Monthly Report – May 2023

India’s GDP grew by 6.1% in the Jan-March quarter vs 4.4% in the previous quarter. The growth rate for the financial year 2022-23 is estimated to be 7.2%.
India’s GDP now stands at $3.75 trillion: Finance Ministry.
Separately, the production growth of eight key infrastructure sectors slowed down to a six-month low of 3.5% in April 2023. This was due to a decline in the output of crude oil, natural gas, refinery products and electricity.
In April 2022, the core sector growth was 9.5%. In March 2023, the key infra sectors recorded a growth rate of 3.6%.
The growth rate in April was the lowest since October 2022 when the sectors expanded by 0.7%.
Industrial production in India increased 4.2% in April 2023 vs 1.1% in March and 6.7% in April 2022.
India’s manufacturing growth (PMI) rose to a 31-month high of 58.7 in May.
Service industry growth (PMI) stood at 61.2 in May vs 62 in April.
1.3 cr airline tickets were sold in May – India’s air traffic was higher compared to March and April.
Wholesale inflation (WPI) stood at -3.48% (prices fell) in May 2023.
India’s retail inflation stood at 4.25% in May vs 4.70% in April.
Loans given out through fintech companies rose 2.5 times year-on-year to Rs 92,848 cr in the financial year that ended in March 2023: Fintech Association for Consumer Empowerment (FACE).

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This analysis has been compiled by obtaining data from Iman Resources’ sources.