Explore Business Standard
Associate Sponsors
Co-sponsor
Rating agency ICRA on Tuesday projected GDP growth to moderate in July-September period of FY26 to 7 per cent, from 7.8 per cent in the previous quarter, amid lower government spending. ICRA said while the services and agriculture sectors would lose some momentum in the second quarter, industrial performance would be strong propelled by manufacturing, construction and favourable base effects. This is expected to underpin the quarter's economic activity. The rating agency in a statement said it expects GDP growth to ease to 7 per cent year-on-year in Q2 (July-September) from 7.8 per cent in Q1 (April-June) FY2025-26. Indian economy had expanded 5.6 per cent in the Q2 (July-September) of 2024-25 fiscal. The National Statistics Office (NSO) is slated to release the official data on FY26 Q2 GDP growth estimates on November 28. ICRA chief economist Aditi Nayar said a lower YoY rise in government spending is likely to weigh on the pace of the GDP and GVA growth in Q2 FY2026 compared to
Rating agency ICRA has estimated that the number of Global Capability Centers (GCCs) in India will increase to more than 2,500 in the next five years, creating huge demand for office space. In 2024-25 fiscal, GCCs leased a record 24 million sq ft of Grade A office space across the top six cities, with their share in total leasing rebounding to 37 per cent from a low of 27 per cent in FY23, the rating agency said in a statement. ICRA projected that GCCs would take on lease 50-55 million square feet of Grade A office space during FY26 and FY27, potentially contributing 38-40 per cent to the total office space demand in the top six markets- Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune. ICRA expects "the number of GCCs to rise from about 1,700 currently to more than 2,500 by 2030, generating over USD 100 billion in revenue and scaling workforce capacity by 1.5-2 times." Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA, said