The growth rate in the first quarter of the current financial year may cross the 7.5 per cent mark, experts have said, according to the Economic Times.
According to the daily’s report, some experts believe that the economy will grow between 7.5 to 7.7 per cent in the first quarter. In the corresponding period last fiscal, growth had dipped to a low of 5.6 per cent.
However, some believe that the growth may accelerate to 8 per cent.
Saugata Bhattacharya, chief economist at Axis Bank, says India may have grown at over 8 per cent in the first quarter. The bank has forecast the Gross domestic product growth at 8-8.3 per cent.
“Part of this is due to the base effect of a sharp slowdown in Q1 of FY18, mostly due to the de-stocking in the pre-GST quarter last year,” Bhattacharya said.
He added that the revival in domestic demand has boosted output of both manufacturing and services sectors of the economy.
Yes Bank also expects the economy to grow at 8 per cent. Shubhada Rao, chief economist at Yes Bank, said economic growth is likely to have picked up due to the momentum in the manufacturing sector.
The economy grew at 7.7 per cent in the January-March period. The Statistics Office will release GDP numbers for the June quarter on 31 August.
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