Ratings firm ICRA Research Tuesday maintained its forecast of India's growth during the current fiscal at 5.3-5.5 percent but predicted a slower pace of economic activity in the second quarter of 2014-15.
The pace of growth is expected at five percent in second quarter 2015-16 as compared to 5.7 percent in first quarter of this fiscal, on account of unfavourable kharif harvest, sluggish manufacturing, slowdown in exports.
However, ICRA maintained its forecast of GDP (gross domestic product) growth of 5.3-5.5 percent in 2014-15.
"With business sentiments improving, new project announcements picked up in Q2FY15. Moreover, the cabinet committee on infrastructure (CCI) has facilitated clearances for 181 existing projects entailing a cost of Rs.6.4 trillion," the ratings fism said.
Data regarding the GDP growth of second quarter is expected to be released later this week.
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