Growth in net sales of FDI firms moderated to 9.3% in FY24: RBI

The RBI on Tuesday said with the normalisation of post-pandemic pent-up demand conditions, the growth in net sales of select FDI companies moderated to 9.3 per cent during 2023-24 from the high of 20.3 per cent in the previous year. Manufacturing and services sectors recorded lower sales growth of 6.4 per cent and 12.7 per cent, respectively, during 2023-24. Moderation in sales growth was broad based across the major industries within the manufacturing and services sectors, expect 'Wholesale and retail trade and Electricity, gas, steam and air condition supply industries. The Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) FDI companies in India during 2023-24 based on audited annual accounts of 2,418 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2021-22 to 2023-24. Meanwhile, with moderation in growth of manufacturing expenses and renumeration to employees, operating expenses recorded lower rise of 7.8 per cent during 2023-24, in tandem with the slowdown in sales growth, RBI said.