The Reserve Bank of India (RBI) on Tuesday stated that net sales growth of select FDI companies slowed to 9.3% in 2023-24, down from 20.3% in the previous year, as post-pandemic pent-up demand normalized.

Releasing data on the financial performance of non-government non-financial (NGNF) FDI companies in India, the RBI analyzed audited annual accounts of 2,418 companies that followed Indian Accounting Standards (Ind-AS) for three consecutive years from 2021-22 to 2023-24.

Sales growth in the manufacturing and services sectors also declined to 6.4% and 12.7%, respectively, during 2023-24.