India’s economy roars back with record exports and 8.4% growth in Q2 2022
India's economy is booming, with exports, investments, and growth rates surging. In November 2021, petroleum product exports soared by 154.22%, while engineering goods exports hit nearly $8 billion, up by 37%. From April to November, merchandise exports grew by 51% to $264 billion. Meanwhile, FDI in India reached $48 billion in the same period.
The agricultural sector played a significant role in this growth, with Kharif production and record procurement of wheat and paddy observed. The Indian economy grew by 8.4% in Q2 2022, demonstrating remarkable resilience after the pandemic's impact. Manufacturing activity in November 2021 grew at its fastest rate in 10 months due to rising demand and improved market conditions.
GST collections in November 2021 reached Rs 1.31 lakh crore, indicating a revival of consumption expenditure. The IMF projects India's GDP to grow at a rate of 9.5% in the 2021-22 fiscal, surpassing China's growth rate. Notably, CATL, a leading battery manufacturer, has shown interest in investing in India as part of its strategic expansion into fast-growing markets.
These figures reflect India's strong economic recovery and resilience. The surge in exports, investments, and growth rates signals a robust and thriving economy, with the agricultural sector and manufacturing leading the charge. The interest of global players like CATL further underscores India's potential as a lucrative investment destination.
