MOFSL's in-house Economic Activity Index (EAI) for India's GVA (EAI-GVA) posted a nine-month low growth of 2.2 per cent YoY in November 2021, compared to 4.1 per cent YoY growth in October 2021 and 5 per cent in November 2020. The lower EAI-GVA growth was broad-based.
The farm sector grew at the slowest pace in three months, while industrial and services activity grew at the slowest pace in nine months in November 2021. Similarly, EAI-GDP grew just 2.4 per cent YoY in November 2021, against 4.6 per cent YoY growth in October 2021, it said.
According to MOFSL, total consumption growth weakened in November 2021 on account of faster decline in automobile sales, lower petrol sales and slower fiscal spending growth. Private consumption growth eased to five-month lows of 5.9 per cent YoY in Nov'21, compared with 6 per cent in Oct'21.
Total investment growth at 3.9 per cent YoY was the weakest in nine months, and government capex contracted for the second consecutive month in Nov'21, it said.