Friday , June 14 2024

GDP growth rate is estimated to be 6.7 percent in the fourth quarter

New Delhi, May 19 (HS). India Ratings and Research (INDRA) has estimated the country's gross domestic product (GDP) growth rate to be 6.7 percent in the fourth quarter of the financial year 2023-24. The rating agency expects the economic growth rate to be around 6.9-7 percent in the entire financial year 2023-24.

Sunil Kumar Sinha, chief economist at rating agency Indra, said in a statement on Sunday, 'We are expecting the economic growth rate in the fourth quarter of the financial year 2023-24 to be 6.7 percent and the total GDP growth for the financial year 2023-24 will be 6.7 percent. The rate will be around 6.9-7 percent. He said the growth rate in the first two quarters has benefited from a low base, although the growth rate of 8.4 per cent in the third quarter (October-December) was surprising.

The government will release preliminary estimates of GDP growth for the fourth quarter (January-March) of fiscal year 2023-24, ending March 31, on May 31. It is noteworthy that the Indian economy has grown at the rate of 8.2 percent in the April-June quarter of the financial year 2023-24, 8.1 percent in the July-September quarter and 8.4 percent in the October-December quarter.