Indian GDP to Grow at 9% according to ICRA

Updated: Jan 7

According to the report released by the research firm ICRA, the Indian Economy will maintain a real growth of 9% in the financial year FY22 and FY 23.

Following a similar trend as FY2022, the volume in seven of the 13 frequency indicator rose above pre- covid level where as six of the 13 indicator tapered in Q2 FY22 compared to same quarter last year.

Indicator that rose include GST e-way bills +26.7%, non-oil exports +26.0%, rail freight traffic+20.2%, Coal India Limited output +15.7%, electricity generation +9.9%, petrol consumption+6.4% and ports cargo traffic+4.0%.The indicator that declined includes scooter production -25.1%, domestic airline passenger traffic -22.8%, vehicle registration -22.8%, diesel consumption -6.8%, passenger vehicle production -3.1% and motorcycle production -2.6%.

According to chief economist of ICRA, Aditi Nayar, the growth momentum is not broad-base enough to have a change in Monetary Policy stance in Feb2022 assessment.

Source: ICRA

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