SBI and ICRA see economy growing in double-digits in June quarter

Low base, robust recovery in contact-intensive services sector to boost expansion

Rating agency ICRA has predicted that India’s gross domestic product (GDP) will grow 13 per cent year-on-year (YoY) in the first quarter of financial year 2022-23 (Q1FY23), while the State Bank of India has pegged it at 15.7 per cent YoY.

This marks a sharp uptrend from the 4.1 per cent growth recorded in Q4FY22, but the projections are lower than the Reserve Bank of India’s projection of 16.2 per cent GDP growth in Q1.

For the full year, SBI predicted a GDP growth rate of 7.5 per cent, which is 30 basis points higher than the RBI’s projection of