India’s Economic Performance Review for March 2023

Economic activities in India picked up in March 2023, particularly supported by solid performance by the private sector. Consumption spending continued its upward trend, albeit with a few gains from the previous month. Industrial output growth was at a 4-month high on the back of stronger than expected manufacturing output; but services sector growth moderated a tad from last month. The trade gap was larger than expected in March owing to weaker exports and ballooning imports. The Indian Rupee strengthened a bit as foreign exchange reserves grew in March. Both retail and wholesale inflation fell more than expected and repo rates were left unchanged.
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