India s Gross Domestic Product (GDP) is expected to moderate sequentially to 6.0% YoY in Q3 FY2024, according to credit rating agency ICRA. The moderation is attributed to the industrial and agricultural sectors, with a slowdown in government expenditure and an uneven monsoon impacting GDP growth. The contraction of 0.2% in total spending by the Indian Government and 25 states in the previous quarter may have dulled GDP growth.
Earlier this month, the RBI had revised upwards its GDP estimate to 7 per cent from 6.5 per cent, calling the revised number a "conservative" one. The rating agency did not specify reasons for the lower growth estimate made in its business activity monitor.
While economists expect India s GDP growth to slow down to 6.8 percent in July-September from 7.8 percent in April-June, activity levels have been robust enough to force upgrades in growth forecasts
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World Bank forecasts India s GDP growth: In its India Development Update, released on October 3, the World Bank said it expects India s growth to edge up marginally in the next two years to 6.4 percent and 6.5 percent