Icra pegs This autumn GDP progress at 2%; FY21 contraction at 8.45%

Domestic ranking company Icra on Monday forecast a 2 per cent uptick in progress in the course of the March FY21 quarter, and three per cent from the gross value-added perspective.
This would imply that the NSO projection of a double-dip contraction is prevented.
The company has positioned the full-year contraction at 8.45 per cent.

Its chief economist Aditi Nayar expects the annualised GDP progress at 2 per cent within the March quarter, up from 0.40 per cent within the December quarter.

The company has projected the GVA progress at 3 per cent in This autumn of FY21, up from 1 per cent in Q3, suggesting that the double-dip recession implied by the National Statistics Office (NSO) for This autumn is averted.
“We have forecast GDP growth to trail the GVA expansion in Q4, on account of the assessed impact of the back-ended release of subsidies by the government. Given the latter, we believe the trend in the GVA performance may be a more meaningful gauge of the economic recovery in Q4,” Nayar stated.