INSUBCONTINENT EXCLUSIVE:
Factory output growth picked up, rising 1.3% in January after hitting a 10-month low in December.India's services and manufacturing activity
held steady in February, even as the war in Ukraine clouds the outlook for prices and growth in the consumption-driven economy.All eight
high-frequency indicators compiled by Bloomberg News showed activity was steady last month, with the needle on a dial measuring so-called
The gauge uses the three-month weighted average to smooth out volatility in the single-month readings.The reading, which comes ahead of the
central bank's monetary policy decision early next month, doesn't capture the plethora of risks looming over the economy thanks to the
These include a surge in inflation amid higher energy and food prices, which could in turn dent disposable incomes in a nation where private
consumption accounts for some 60% of gross domestic product.The Reserve Bank of India continues to be supportive of economic growth,
Governor Shaktikanta Das said Monday, signaling above-target inflation is not as much of a threat to Asia's third-largest economy at the
moment.Below are details of the dashboard
(For an alternative gauge of growth trends, follow Bloomberg Economics' monthly GDP tracker -- a weighted index of 11 indicators.)Business
ActivityPurchasing managers surveys showed activity at Indian factories and service providers gained momentum as easing pandemic curbs saw
That helped the composite index climb half a notch to 53.5 in February, with 50 representing the point between contraction and expansion
The rebound is, however, at risk of being reversed given the hit to sentiment from Russia's invasion of Ukraine, according to Bloomberg
Economics's Abhishek Gupta.ExportsExports growth broadly remained unchanged in February, growing 25.1% from a year ago
Imports, however, surged more than 36% on higher oil and gold purchase bills, widening the trade deficit to $20.9 billion from $17.4 billion
in January.Consumer ActivityThe slack in automobiles sector continued with passenger vehicle sales falling for a sixth straight month,
declining almost 8% in February
The pace of decline was slower than January, but industry associations see a global supply- chain disruption and semi-conductor chip
end-February, from 8.2% in the previous month
Liquidity conditions continued to remain in surplus.Industrial ActivityFactory output growth picked up, rising 1.3% in January after hitting
a 10-month low in December, aided by mining and electricity output
Output at eight infrastructure industries, which make up 40% of the industrial production index, moderated to 3.7% in January from a revised
Both reports are published with a one-month lag.
