Growth rate to miss advance estimates, says Ind-Ra

India Ratings on Friday said economic growth for 2015-16 would miss 7.6 per cent, as pegged by the advance estimates, by a whisker. It projected economic growth at 7.5 per cent for the year.

However, gross value added (GVA) would be the same at 7.3 per cent, as was calculated by the advance estimates. Actual GDP numbers would be out this month end. Ind-Ra said GDP in the March quarter would grow by 7.4 per cent, which translates into a full-year growth of 7.5 per cent. Agricultural GVA growth can surprise positively, it said, despite a second year of sub-par monsoons, mainly due to unseasonal rain during the fourth quarter. Meanwhile, Deloitte pegged GDP growth in the March quarter at 7.4 per cent, on the back of some recovery in agriculture and steady performance in services.

However, industrial activity could see some moderation from growth seen in the previous quarters, it said.