ICRA projects Q4 growth at 6.9 pc, FY'25 GDP expansion at 6.3 pc
New Delhi, May 19 (PTI): ICRA on Monday projected India's GDP growth at 6.9 per cent in the quarter ended March 31, and at 6.3 per cent for the full 2024-25 fiscal, undershooting the the National Statistics Office (NSO) estimates made in February.
In February, the NSO had projected the Indian economy to grow at 6.5 per cent in 2024-25. With economic growth in June, September and December quarter at 6.5 per cent, 5.6 per cent and 6.2 per cent respectively.
To achieve the NSO's projected 6.5 per cent growth in FY25, the GDP growth in Q4 or March quarter should be 7.6 per cent.
The NSO is scheduled to release the provisional estimates of FY'25 GDP and quarterly estimates for Q4 on May 31.
ICRA in its note said it projected the year-on-year (YoY) expansion of the GDP to rise to 6.9 per cent in Q4 FY 2025, from 6.2 per cent in Q3 FY2025, significantly undershooting the NSO implicit estimate of 7.6 per cent for the quarter.
Unless there are material revisions in the data for Q1-Q3 FY2025, ICRA projects a sharp step-down in the full-year GDP expansion to 6.3 per cent in FY2024-25, from 9.2 per cent in FY 2023-24.
ICRA Chief Economist Aditi Nayar said both private consumption and trends for investment activity were uneven in Q4 FY2025, with the latter partly owing to tariff-related uncertainty.
Services sector exports continued to show double-digit growth, while merchandise exports contracted in YoY terms in Q4 FY2025 after expanding in December quarter.
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UP court rejects plea seeking Rahul Gandhi's voice sample in defamation case
Sultanpur (UP) (PTI): A local MP/MLA court on Saturday rejected a plea seeking a voice sample of Rae Bareli MP Rahul Gandhi in a defamation case filed by a BJP functionary against the Congress leader, and posted the matter for next hearing on May 11.
The plea, filed by BJP leader Vijay Mishra through his counsel Santosh Kumar Pandey, had sought Gandhi's voice sample for a forensic test to compare it with an audio clip.
After the petition was dismissed, Pandey said they would file a revision plea before the sessions court against the order.
The court rejected the plea after hearing the arguments of both sides, including Gandhi's counsel Kashi Prasad Shukla.
The matter dates back to 2018 when Mishra, a local BJP leader, filed a defamation suit over Gandhi’s alleged objectionable remarks targeting Amit Shah while campaigning for the Karnataka Assembly elections.
After five years of legal proceedings, the court issued a warrant against Gandhi in December 2023.
The Rae Bareli MP surrendered before the court in February 2024, and was granted bail on two sureties of Rs 25,000 each by a special magistrate.
On July 26 last year, the Congress leader recorded his statement before the court, claiming innocence and calling the case a political conspiracy.
Earlier this year, multiple hearings were postponed due to a strike by lawyers and the ill-health of Gandhi’s counsel.
