This means the economy will decline by less than 10 percent in 2020-21. The National Statistics Office (NSO) estimates that the economy will decline by more than 10 percent in the last financial year.
ICRA forecasts that the economy will decline by 8.45 percent in the last financial year.
ICRA Chief Economist Aditi Nair says that the GDP growth rate will be 2 percent in the March quarter. This is higher than the December quarter of 0.40 percent.
The agency estimates that GVA’s growth rate will be 3 percent in the fourth quarter. It was one percent in the third quarter. In such a situation, there will not be a two-digit decline in the entire financial year in the economy. The NSO has estimated this.
Nair said, “We estimate that the growth rate of GVA in the fourth quarter will be more than the growth of GDP. We believe that GVA’s performance in the fourth quarter will be a meaningful indicator of an improvement in the economy. ”