India’s Q2 FY24 GDP knowledge will likely be launched on February 29. (Photo: Shutterstock)
India’s Q3 GDP Growth Data: Various analysts peg the Q3 financial progress between 6 per cent and seven per cent
India’s Q3 GDP Growth Data: The official gross home product (GDP) knowledge for Q3FY24 is scheduled to be launched on Thursday, February 29, by the National Statistical Office (NSO). Though the RBI expects India’s Q3 GDP progress at 6.5 per cent, varied analysts peg the Q3 financial progress between 6 per cent and seven per cent.
Rating company Icra expects India’s GDP to develop 6 per cent in Q3FY24, State Bank of India (SBI) sees a 6.8-7 per cent progress, and the RBI sees the nation’s GDP progress at 6.5 per cent within the October-December 2023 quarter.
Ratings company ICRA in its notice stated projected GDP progress is more likely to have moderated sequentially to six per cent within the third quarter of FY24 from 7.6 per cent within the previous three months, primarily as a consequence of subdued efficiency of agriculture and industrial sectors.
The GVA progress is estimated to ease to six per cent in Q3 FY2024 from 7.4 per cent in Q2 FY2024, pushed by the commercial (to +8.8 per cent from +13.2 per cent) and agriculture (to +0.5 per cent from +1.2 per cent) sectors, amidst an enchancment in providers (to +6.5 per cent from +5.8 per cent), in line with the ICRA report.
“The anticipated deterioration in the industrial sector growth in Q3 FY2024 is partly attributable to an adverse base effect (+2.3 per cent in Q3 FY2023 as against -0.5 per cent in Q2 FY2023) and a deceleration in volume expansion (IIP growth of 5.8 per cent in Q3 FY2024 vs. 7.8 per cent in Q2 FY2024), even as the continued deflation in commodity prices kept profitability of some sectors favourable,” ICRA stated.
SBI Research in its report forecasts Q3 FY24 GDP progress at 6.8 per cent, based mostly on an unchanged base, however might doubtlessly hit 7 per cent as a consequence of anticipated downward revisions within the estimates for Q3 FY23.
“The CLI Index (a basket of 41 leading indicators which includes parameters from almost all the sectors) based on monthly data shows a slight moderation in economic activity in Q3,” SBI Research says in its newest Ecowrap notice.
Full-Year GDP Growth Estimates
According to the federal government’s first estimates, the Indian financial system will develop at 7.3 per cent in FY24, which is greater than the RBI’s upwardly revised estimate of seven per cent.
The World Bank expects the Indian financial system to develop 6.3 per cent in FY24, whereas the International Monetary Fund (IMF) lately revised its estimate from 6.3 % to six.5 per cent.
In the previous quarter ended September 2023 (Q2 FY24), India’s GDP had grown 7.6 per cent y-o-y. The Q3 FY24 GDP progress was greater than what was anticipated by analysts.
