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Indian economy to maintain growth pace in fourth quarter of last fiscal: Bloomberg

Poll of 26 economists has forecast that economy is estimated to grow 5.1 per cent in January–March 2023, up from 4.4 per cent in previous quarter

Our Special Correspondent Mumbai Published 30.05.23, 05:09 AM
Representational image.

Representational image. File photo

The Indian economy will maintain its growth pace in the fourth quarter of the last fiscal, according to a Bloomberg poll of economists.

The poll of 26 economists has forecast that the economy is estimated to grow 5.1 per cent in January–March 2023, up from 4.4 per cent in the previous quarter.


For the full fiscal year, the GDP growth is projected to grow 7 per cent.

The CSO (Central Statistical Office) will come out with its provisional GDP estimates for 2022-23 on May 31.

Reserve Bank of India (RBI) governor Shaktikanta Das had said last week the growth in 2022-23 may have gone past the official estimate of 7 per cent.

A report recently released by the State Bank of India (SBI) also said that the Indian economy will cross the 7-per-cent mark in 2022-23 and stand at 7.1 per cent.

This is in line with the advance estimates released by the NSO which estimated the growth at 7 per cent for the January-March quarter.

``India is expected to continue its showdown in pursuing a different pathway of zeroing in on drivers of growth, looking for a renewed surge in resilient manufacturing while supporting services sector to embrace enhanced efficiency," the SBI report said.

``Locally, domestic consumption and investment stand to benefit from stronger prospects for agricultural and allied activities, strengthening business and consumer confidence, and strong credit growth while supply responses and cost conditions are poised to improve as inflationary pressure is easing.’’

Das had said at a CII meet last week the momentum generated in the third and fourth quarters would push growth beyond 7 per cent.

"It initially appeared in the third quarter that there was a pent-up demand which was supporting the economic activity, but all the economic indicators in the fourth quarter of last financial year show that economic activities sustained momentum."

"In fact, all the high-frequency indicators, around 70 of them, which we monitored, almost in all of them, the momentum was maintained in the fourth quarter. So therefore, we should not be surprised if the growth is slightly more than 7 per cent."

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