GDP: Research indicates that the Indian economy is expanding more quickly than anticipated.

 GDP: Research indicates that the Indian economy is expanding more quickly than anticipated.

GDP: In the second quarter of the fiscal year 2023–2024, the Indian economy might expand by 7%. The ICRA has released this estimate.

In the current fiscal year, the Indian economy may expand at a speed of seven percent in the second quarter. ICRA, a research company, provided this assessment. In terms of economic growth, this exceeds the projection of 6.5 percent provided by the RBI. 

The Indian economy might develop at a pace of 7% in the second quarter of the current fiscal year, according to ICRA, which said on Tuesday. This is because of the country's typical base and erratic monsoon. In the first quarter, the Indian economy expanded at a 7.8 percent annual pace. 

Unpredictable rains, lower commodity prices than a year ago, a potential slowdown in the rate of government capital investment as parliamentary elections get near, poor foreign demand, and restrictive monetary policy are some of the factors mentioned by Aditi Nair, head of research and outreach at ICRA and chief economist. The policy may cause GDP growth to stay modest throughout the early part of the 2023–2024 fiscal year. 

Forecasts of growth rates for 2023–2024 

Nair went on to say that for the fiscal year 2023–2024, we project a 6% GDP growth. In addition, the RBI has projected a 6.5 percent growth rate for the whole fiscal year. 

In a report, Barclays also predicted that second-quarter GDP growth in India may be 6.8% y/y, down from the prior quarter's 6.8% growth. According to Rahul Bajoria, MD and head of EM Asia, India's economic patterns are robust due to high levels of government capital investment, strong utility sector development, and domestic demand. Barclays has not altered its 6.3% GDP growth prediction for FY24.