Too early to rejoice about the GDP. The real GDP of the country is only up 5% since pre-Covid. On a Trailing Twelve Month (TTM) basis, the growth has moderated to 7.6% even after removing the horrible Jun 2022 quarter.
Nominal GDP is however up 25% in two years. In GDP deflator terms, it shows that inflation's eaten up a good part of the last two years' growth.
Real growth has lagged nominal substantially in the previous quarter, by upto 13%! Meaning, the inflation we saw in the numbers is a significantly higher one than the CPI numbers showed.
GDP growth isn't great, but India's metrics are improving; from GST collections, to income taxes, to what not. Even inflation seems to be lower from July onwards, and crude oil prices are below $100.
The data on the GDP front will still need a quarter to reflect improvement.
The data on the GDP front will still need a quarter to reflect improvement.
First tweet should read "horrible June 2021 quarter"
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