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The Indian economy is expected to grow by 7% in the second quarter, surpassing the central bank’s estimate of a 6.5% uptick, rating agency ICRA said on Tuesday, citing improved industrial performance despite a weak monsoon hitting the farm sector.
India’s real GDP (Gross Domestic Product) and Gross Value Added (GVA) had grown 7.8% in the April to June 2023 quarter. ICRA expects the GVA growth to ease to 6.8% in the July to September quarter, with the services sector’s GVA expected to rise 8.2%, from 10.3% in Q1, and industry reflecting a 6.6% rise. Farm sector GVA growth is expected to slow to 1% from 3.5% in the first quarter.
