Data recap: GDP data, ice-cream costs, Adani
3 min read . Updated: 03 Mar 2023, 12:05 AM IST
PremiumEvery Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by
Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The Centre released the economic growth data for the December-ended quarter this week. Meanwhile, we published more findings of the biannual YouGov-Mint-CPR Millennial Survey, this week focusing on Indians’ politically-coloured perception of top actors.
Growth Dip
India’s economic growth rate slowed to 4.4% in Q3 from 6.3% in the preceding three months. This was due in part to a contraction in manufacturing output and a diminishing pandemic-related base effect. The low growth rate raises concerns about the sustainability of pent-up consumption demand following the pandemic. The government retained its earlier estimate of a 7% growth rate in 2022-23. To achieve that figure, the economy needs to expand by 5.1% in Q4.
Close Watch
The Reserve Bank of India is keeping a close eye on loans to the Adani group, with officials asking lenders for weekly updates on their financial exposure to the group’s firms, Mint reported. According to a CLSA report, the banking sector accounts for about 40% of the group’s total debt—10% is with private banks and 30% with PSU banks. The group has repayment obligations worth over $2 billion between January 2023 and March 2024 and analysts say the group is unlikely to default.
Deficit Goal
That’s the share of the full-year fiscal deficit target that the Centre achieved by January, showed data from the Controller General of Accounts. For the full year 2022-23, the government expects the deficit at ₹17.55 trillion but the fiscal deficit was only ₹11.91 trillion in the first 10 months. The fiscal deficit is unlikely to exceed the year’s target. However, the fiscal deficit in the comparable period of the last financial year was lower at 58.9% of that year’s target.
Dairy Bills
Ice-cream makers intend to pass on rising milk prices to customers this summer, with many who have already implemented price hikes citing unusually high commodity inflation that is putting pressure on consumer prices, Mint reported. Milk prices have been steadily increasing since last year, owing to a combination of factors. Companies are banking on a strong and long summer to boost demand for cold products to balance the price hikes.
Weather Moods
The year 2023 could possibly be an El Niño year, according to the US-based National Oceanic and Atmospheric Administration. El Niño is a band of warm ocean winds that develops in the central and east-central equatorial Pacific and has influence over climate patterns in various parts of the world. Most El Niño years in the past have resulted in lower rainfalls than the initial estimates of the India Meteorological Department.
Carbon-free Future
The investment that Essar Group plans to make via Essar Energy Transition (EET) over the next 5 years to build a series of low-carbon energy transition projects in India and the UK. The group plans to invest $1.2 billion in India and the rest at its Stanlow site in the UK. The group claims that the projects will lead to reduction of around 3.5 million tonnes of carbon dioxide. EET will develop a cost-efficient global supply hub for low carbon fuels in India.
Popularity Ratings
Akshay Kumar was rated the most favourably in a list of four actors given in the recent YouGov-Mint-CPR Millennial Survey, with 67% of the urban India respondents having a positive view of him. Kumar was followed by Shah Rukh Khan (61%) and Deepika Padukone (60%). Kumar’s favourability jumped to 78% among the supporters of the Bharatiya Janata Party; while Khan’s and Padukone’s ratings rose to 75% and 72% among the Congress supporters, respectively.
Chart of the Week: High Spirits
Revenue from excise duty, which primarily includes taxes on liquor, contributed over one-third of the tax revenue of Puducherry in 2021-22. In 5 other states—Uttarakhand, Sikkim, Uttar Pradesh, Karnataka and West Bengal—revenue from excise duty was in excess of one-fifth of the overall tax revenue.
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