High-frequency indicators during the first quarter of the current financial year suggested the Indian economy is recovering gradually and strengthening unevenly despite global headwinds, said the financial stability report (FSR) of the Reserve Bank of India (RBI). It noted that gross non-performing assets (GNPA) of scheduled commercial banks hit a sixyear low, with demand for loans rising after a gap.
"In the Indian economy, high-frequency indicators point to a gradual but unevenly strengthening recovery in the first quarter of 2022-23, in spite of headwinds from the geopolitical situation, elevated commodity prices, especially of crude oil, and volatile financial conditions, as global spillovers endeavour to unsettle the domestic financial markets with bouts of turbulence," the report stated.
Though corporate sales and profitability have risen, a durable commencement of the capex cycle remains elusive, it said.
This story is from the July 01, 2022 edition of Business Standard.
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This story is from the July 01, 2022 edition of Business Standard.
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