May 20 (Punjab Khabarnama) : India Ratings and Research (Indira) has estimated the country’s gross domestic product (GDP) growth rate to be 6.2 percent in the March quarter and around 6.9 to seven percent in the financial year 2023-24. Sunil Kumar Sinha, chief economist of the rating agency, has expressed this estimate. The government will release preliminary estimates of GDP growth for the fourth quarter (January-March 2024) and fiscal year 2023-24 on May 31. The Indian economy has grown at the rate of 8.2 percent in the June quarter of 2023-24, 8.1 percent in the September quarter and 8.4 percent in the December quarter.
Sinha said, “We are expecting the fourth quarter growth rate to be 6.2 percent and the overall GDP growth rate for the financial year 2023-24 will be around 6.9 to 7 percent.” He said that the growth rate in the first two quarters India benefited from a low base, although the growth rate of 8.4 per cent in the third quarter (October-December 2023) was “surprising”.
He said, “When we analyze the data, we find that there is a difference between GVA and GDP. A major boost to GDP in the third quarter has come from higher tax collections but this is unlikely to happen in the fourth quarter.
