Icra increases Q2 GDP growth forecast to 7.9%

Mumbai, November 19

A jump in government spending in September has led Icra to upgrade its GDP growth estimate for the second quarter of FY2021-22 to 7.9% from 7.7% predicted earlier. according to a statement.

“Economic activity in Q2 FY22 was supported by a pick-up in industrial and service sector volumes after the Covid wave subsided and rising vaccine coverage revived confidence. Additionally, healthy Central and state government spending, robust exports and demand from the farm sector supported economic activity,” its chief economist Aditi Nayar said. — PTI