The rating agency ICRA on Tuesday projected India’s GDP growth to moderate to a four-quarter low of 6.7 per cent in March quarter of 2023-24 fiscal. For the 2023-24 fiscal, the rating agency estimates GDP growth to come in at 7.8 per cent.

In the March quarter of 2022-23 fiscal, the country’s GDP expanded 6.1 per cent, as per May 31, 2023 estimates. The growth for full fiscal 2022-23 was 7 per cent.

For the fourth quarter, the GDP number and the provisional estimates for the 2023-24 fiscal are scheduled to be released on May 31.

ICRA said that the gap between gross domestic product (GDP) and gross value added (GVA) growth is likely to moderate to 100 basis points (bps) in Q4 FY2024 from the particularly high of 185 bps in the previous quarter.

This is on account of an expected lower expansion in the net indirect taxes in the March quarter owing to a narrower dip in the subsidy outgo, it said.

GDP and GVA growth is likely to print at 7.8 per cent and 7 per cent respectively for the full-year FY2024, the ICRA said.

Unless the growth for nine months of FY 2023-24 is revised, it added.