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Ind-Ra revises up growth forecast to 7.4% for FY19 on strong agri growth

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 Ind-Ra revises up growth forecast to 7.4% for FY19 on strong agri growth
Agriculture, industry to boost growth
India Ratings and Research (Ind-Ra) has scaled up its projections for economic growth to 7.4 per cent, from the earlier 7.1 per cent, for 2018-19 on expectations of strong agricultural and industrial growth.This is somewhat different from IHS Markit, a compiler of the purchasing managers’ index, which had recently lowered its FY19 growth projection to 7.3 per cent, from 7.4 per cent earlier, on account of weak dema
Earlier, the International Monetary Fund had projected India’s economy to grow at 7.4 per cent in FY19, while the World Bank expects the economy to grow at 7.3 per cent in FY19.The Economic Survey had pegged economic growth at 7-7.5 per cent for the year.
The second Advance Estimates released by the Central Statistics Office (CSO) had pegged FY18 growth at 6.6 per cent, down from 7.1 per cent in the previous financial year. The Union Budget for 2018-19 had projected nominal gross domestic product (GDP) to grow at 11.5 per cent. By comparison, Ind-Ra expects nominal GDP to grow at 10.9 per cent.
India Ratings and Research (Ind-Ra) has scaled up its projections for economic growth to 7.4 per cent, from the earlier 7.1 per cent, for 2018-19 on expectations of strong agricultural and industrial growth.This is somewhat different from IHS Markit, a compiler of the purchasing managers’ index, which had recently lowered its FY19 growth projection to 7.3 per cent, from 7.4 per cent earlier, on account of weak demand.
Earlier, the International Monetary Fund had projected India’s economy to grow at 7.4 per cent in FY19, while the World Bank expects the economy to grow at 7.3 per cent in FY19.The Economic Survey had pegged economic growth at 7-7.5 per cent for the year.The second Advance Estimates released by the Central Statistics Office (CSO) had pegged FY18 growth at 6.6 per cent, down from 7.1 per cent in the previous financial year. The Union Budget for 2018-19 had projected nominal gross domestic product (GDP) to grow at 11.5 per cent. By comparison, Ind-Ra expects nominal GDP to grow at 10.9 per cent.
The Business Standard, New Delhi, 05th March 2018

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