Private corporate sales growth to slow to 4.7% in FY24: RBI

Annual sales growth of listed private non-financial companies declined to 4.7 per cent in 2023-24 from a high of 19.8 per cent in 2022-2023, which included the post-pandemic recovery period, Reserve Bank of India (RBI) data showed. The Reserve Bank has released data on the performance of the private corporate sector for 2023-2024, based on the summary financial results of 3,281 listed non-government non-financial companies (NGNFs). Among the major sectors, sales of manufacturing, information technology (IT) and non-IT services companies grew by 3.5 percent, 5.5 percent and 7.9 percent, respectively, in 2023-2024 compared to 18.0 percent, 19.4 percent and 33.5 percent in the previous year. In 2023-2024, sales of cars, electrical machinery and pharmaceuticals remained strong, but the overall performance of the manufacturing sectors was mainly influenced by the chemical and petroleum industries; apart from computer and electronic equipment and pharmaceuticals, all subsectors recorded a slowdown in sales growth.

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