In November 2022, the following key frequency indicators highlighted improved performances:

• Private consumption stood at 57.5% of the nominal GDP in FY 2021-22, indicating that it is becoming a macro growth driver.
• Rice, wheat, gram, and maize production are expected to be at record highs. According to the second advance projections of foodgrain production for FY22, overall foodgrain production is expected to reach a record high of 316.1 million tonnes, 2.85% higher than the objective set, thanks to higher output of Kharif crops and record acreage under rabi crops.
• According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), India’s Consumer Price Index (CPI) based retail inflation stood at 6.77% YoY in October 2022.
• PMI Services remained comfortably in the expansionary zone at 56.7 during April-September 2022
• Fuel consumption in June 2022 stood at 18,269 (thousand MT) as compared to 18,200 (thousand MT) in April 2022
• In September 2022, the Index of Industrial (Production IIP) stood at 133.5.
• In FY23 (until September 2022), the combined index of eight core industries stood at 142.8 driven by the production of coal, refinery products, fertilizers, steel, electricity and cement industries.
• Traffic handled at major ports stood at 446,503 thousand tonnes in April-October 2022.
• Railway freight traffic growth stood at 118.94 MT in October 2022.
• In March 2022, freight movement increased by 0.3% compared to the previous year, indicating that the increase in air freight and traffic activity has been maintained.
• 78.1 million e-way bills were raised during March 2022, which is 13% higher compared to February 2022.
• In April 2022, the government approved the participation of 61 companies in the PLI scheme for textiles, with a proposed total investment of Rs. 19,077 crore (US$ 2.46 billion) and an expected turnover of Rs. 1.84 lakh crore (US$ 23.74 billion), leading to employment generation for about 2.4 lakh people.
• In October 2022, the gross Goods and Services Tax (GST) revenue collection stood at Rs. 151,718 crore (US$ 18.58 billion).
• In June 2022, the Indian basket of crude oil reached US$ 116.06 a barrel, compared to US$ 109.51 in May 2022.
• In October 2022, UPI transactions were valued at Rs. 12.11 lakh crore (US$ 148.32 billion).
• Merchandise exports in October 2022 stood at US$ 29.78 billion.
• In FY 2022-23, (until November 28, 2022), Foreign Portfolio Investment (FPI) outflows stood at Rs. 28,497 crore (US$ 3.49 billion).
• In the second half of February through March 2022 (up to March 13), daily liquidity absorptions under the liquidity adjustment facility (LAF) averaged Rs. 8.4 lakh crore (US$ 111.27 billion), up from RS. 7.4 lakh crore (US$ 98.02 billion) in the second fortnight of January to mid-February 2022.
• As of April 22, 2022, reserve money stood at Rs. 4,002,311 crore (US$ 523.6 billion).
• As of April 22, 2022, currency in circulation (CIC) registered Rs. 3,209,394 crore (US$ 419.86 billion).
• Rupee strength reached Rs. 81.69/US$, as of November 29, 2022.
• In FY 2021-22, India received a total of US$ 58.77 billion in foreign direct investment.
• As of November 18, 2022, India’s foreign exchange reserves stood at US$ 547,252 million.

• According to RBI:
  • Bank credit stood at Rs. 126.30 trillion (US$ 1.55 trillion) as of September 23, 2022.
  • Credit to non-food industries stood at Rs. 126.08 trillion (US$ 1.54 trillion) as of September 23, 2022.

India is well-positioned to develop at a relatively brisk clip in the next years due to the priority given to macroeconomic stability in a world where monetary tightening has diminished growth prospects. Second, capital formation suffered as the private sector, both financial and non-financial, worked to rebuild balance sheets. As a result of the loan boom witnessed in the first decade and beyond, the financial system stress of the second decade of the millennium is now behind us. The financial and non-financial balance sheets of the private sector remain sound, and there are early indications of a new cycle of capital formation in the personal sector. Continuous capital spending by the central government encourages broad-based growth by encouraging private sector capital formation. GST revenues have increased significantly as a result of the significant increase in spending. A stronger economic recovery would allow the collections to stabilise at a high level, demonstrating the high revenue productivity of broad-based consumption. The retail, industrial, and services sectors have seen an increase in credit disbursement as a result of a banking system with adequate capital. The service sector will continue to grow as a result of the unmet demand in the sector and India's positive economic outlook. In the third quarter of FY 2022–23, service sector companies are optimistic about demand conditions, sales turnover, their hiring plans, and the general business environment.

Electricity consumption, manufacturing PMI, exports, power supply and other high-frequency indicators indicate that the pace of economic activity has fully recovered from the COVID-19 pandemic shock. Economic growth is anticipated to be fueled by the effective implementation of PLI schemes development of renewable energy sources while diversifying import dependence on crude oil and bolstering the banking sector. The recovery in the services sector is still going strong while manufacturing strength remains stable. There appears to be a strong desire for private sector investments. The stress tests conducted by the central bank show that banks are quite financially sound and ready to lend. Monthly GST receipts are strong, confirming the economic activity's vigour. The successful launch of the Production Linked Incentive Scheme, developing renewable energy sources while diversifying import dependence on crude oil and strengthening the financial sector is expected to drive economic growth. Industrial metal prices have dropped to their lowest level in sixteen months, and other food-related commodities have seen a decline in price from their peaks as well. With the economic scenario improving on recovering from the COVID-19 pandemic shock, the Indian economy has remained resilient and provides a positive growth potential ahead.

Between April 2000-June 2022, cumulative FDI equity inflows to India stood at US$ 604,996 million. The central government finances registered improved performances. In the review period, the corporation tax recorded 91.6% YoY growth. Between April 2021 and October 2021, custom revenue collection registered 122.3% YoY growth, and the IGST collection to the Centre increased by 40% YoY, primarily due to the recovery of economic activities. Net collections of direct taxes in FY 2021-22 (until March 16, 2022) stood at Rs. 13.63 trillion (US$ 175.83 billion) compared to Rs. 9.18 trillion (US$ 118.42 billion) in FY 2020-21.

Note: Conversion rate used for November 2022 (as of November 30, 2022) is Rs. 1 = US$ 0.012