GDP growth may be overestimated at 20% in first quarter, says Icra

Rating agency Icra said on Wednesday that economic growth may be overestimated at 20 per cent for the first quarter of the current financial year when it is released this month-end.

It cautioned that the organised sector is expected to have gained at the cost of the less formal space during the first quarter of the current financial year. The available statistics are often unable to capture the pain experienced by the latter, it said.

“The consumer confidence survey conducted by the RBI serves as a useful proxy for demand from the less formal sectors. Its July 2021 round indicated