Unveiling India's Economic Future: ICRA's GDP Growth Projections
ICRA projected India's GDP growth at 6.9% for the quarter ending March 31, 2025, and 6.3% for the full 2024-25 fiscal, falling short of NSO forecasts. Economic fluctuations were cited, with notable growth in services sector exports and an uneven investment climate affecting projections.
- Country:
- India
On Monday, ICRA released projections indicating that India's GDP growth is expected to reach 6.9% in the quarter concluding on March 31, 2025, and 6.3% for the fiscal year 2024-25. These projections are below the National Statistics Office (NSO) estimates revealed earlier in February.
The NSO had initially forecasted GDP growth of 6.5% for 2024-25. For the preceding quarters in June, September, and December, growth was recorded at 6.5%, 5.6%, and 6.2% respectively, underscoring the economy's mixed performance.
The release of the NSO's detailed provisional estimates for FY2025 GDP is anticipated on May 30. ICRA forecasts a year-on-year GDP increase to 6.9% in Q4 FY 2025 but notes a decline in overall annual growth compared to FY 2023-24, largely due to private consumption and uneven investment activity.
(With inputs from agencies.)
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