India’s Economy Signals Resilience Even as Exports Dim Outlook
- RBI paused after raising rates by 250 basis points since May
- Weakness in services PMI, exports cloud growth prospects
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India’s economic activity stayed resilient in March though the weakening pace of exports and an increase in unemployment dimmed the outlook for the country that’s surpassing China as the most populous nation.
While the needle on a dial measuring the so-called Animal Spirits was unchanged at 5 for a third straight month, a jump in collections from taxes levied on consumption showed Asia’s third largest economy was ticking along. That’s the reading from the overall activity tracker comprising of eight high-frequency indicators compiled by Bloomberg.