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Financial News: India GDP Growth Forecast To Accelerate In June

India GDP Growth Forecast To Accelerate In June Quarter: FICCI

08/26/2019 - 08:00:00 (RTTNews)

(RTTNews) - India's economy is forecast to expand at a faster pace in the June quarter after easing to a five-year low, as farm sector, strengthening micro, small and medium enterprises and market reforms are set to underpin growth.

According to the FICCI Economic Outlook Survey, released Monday, gross domestic product will grow 6 percent in the June quarter. GDP had advanced 5.8 percent in the March quarter.

The statistical office is set to release GDP data next week.

The lobby pegged the growth at 6.9 percent for 2019-20. The survey was conducted during June and July.

The median growth forecast for agriculture and allied activities has been put at 2.2 percent for 2019-20. At the same time, the industry and services sector are expected to grow by 6.9 percent and 8.0 percent respectively during the current financial year.

The outlook for inflation remained benign. The consumer price index has a median forecast of 3.7 percent for 2019-20.

Exports are expected to grow 3.6 percent and imports to climb 4 percent in 2019-20. The current account deficit forecast was pegged at 2.3 percent of GDP.

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