Data recap: Sizzling summer, GDP forecast, pilgrimage boom

The relentless summer heat that is gripping India has pushed up temperatures in most major cities. And ahead of the release of GDP growth figures for FY24, the median estimate of economists polled by Mint shows the Indian economy ended the year on a strong footing, despite a slower January-March quarter.

Heatwaves cause mayhem in May

As parts of northern and central India grapple with severe heat waves, temperatures in Delhi reportedly surged past the 50°Celsius on Wednesday (the weather department is investigating the accuracy of this data). The scorching heat has also affected other cities, with 10 of them suffering more than 100 hours of heat stress in May, according to data from Respirer Living Sciences. Heat stress refers to situations when the heat index, which accounts for both surface temperature and humidity, exceeds 41°C.

Economists upbeat on GDP

A median estimate of 19 economists polled by Mint shows the Indian economy ended the financial year 2023-24 on a strong note, despite slower growth in the March quarter. According to the poll, GDP growth is projected to have slowed to 7% in March quarter from 8.4% in the previous quarter, mainly on account of slowdown in industrial growth and subdued agricultural activity. 

However, the robust performance in the preceding three quarters, all of which saw more than 8% growth, could boost full-year GDP growth to 7.9% from 7% the previous year. The numbers are scheduled to be released on 31 May.

Luxury-home prices go through the roof

₹10-15 crore: That's the price range of super-luxury homes being planned by top real estate developers, a Mint report said. The ultra-high-end homes at prime locations in Gurugram, Mumbai, Goa and Hyderabad will cater to India's wealthiest people. Top realtors are hopeful after tasting success with luxury homes priced at ₹2-4 crore.

Travel agencies note pilgrimage boom

India's pilgrimage sites are seeing a surge in visitors this season, defying travel gridlocks. Travel agencies are reporting a 30-100% jump in demand from last year for popular destinations such as Ayodhya, Varanasi, Prayagraj, Uttarakhand, Tirupati and the Char Dham circuit, Mint reported. Enthusiasm seems to be running high among people of all ages, prompting travel agencies and hotel companies to strengthen their offerings for religious and pilgrimage travel.

Loan boost for states

The government is set to boost interest-free loans for states in the FY25 budget, Mint reported, quoting unidentified sources. The government had launched the Special Assistance to States for Capital Investment scheme in FY21 to promote capital expenditure by states during the pandemic. The scheme provides interest-free, 50-year loans to states. Allocations to the scheme have risen over the years. In FY24, the government increased the allocation linked to specific state reforms from ₹27,000 crore (budgeted) to ₹75,000 crore in FY25.

Rural spends surge

23%: That's the surge in MGNREGS spending by the Centre in FY24, data from the rural development ministry showed. At ₹1.06 trillion, actual spending exceeded the revised budget estimate of ₹86,000 crore. However, the increase is a modest ₹5,000 crore from FY23's spending of ₹1.01 trillion. The rise in spending follows a drop in agriculture growth because of erratic monsoons. The scheme provides a legal guarantee of 100 days of employment in a financial year to adult members of rural households who are seeking employment.

Automakers see sluggish sales

The scorching heat and general elections have made this a sluggish summer for automakers, with many dealers reporting a drop in sales from both the previous month and May 2023, Mint reported. To counter the slump, they are offering discounts on popular models and even bringing test drives to customers' doorsteps. 

Discounts on some popular models are up by 15-30% in May from March and April, but they haven't made up for the drop in footfall at showrooms. The ongoing Lok Sabha polls and the lack of auspicious wedding dates – which typically fuel car purchases in May – have added to their woes.

Chart of the week: MPs with degrees

In the 2019 Lok Sabha elections, one in three elected MPs held a higher-education degree. In contrast, only 26.5% of members had postgraduate or doctorate degrees in 1984. The proportion remained stable in subsequent elections, except for 2009, when 51.5% of elected members had such a qualification.

Follow our data stories on the “In Charts" and “Plain Facts" pages on the Mint website.