Is expected to tumble even further below the 5 per cent reported in the first quarter of the current fiscal. Taking into consideration the dismal state of the macroeconomic indicators for the second quarter especially the month of August and September, various ratings agencies and financial institutions have further downgraded the second quarter growth figures ranging from 4.2 per cent to 4.7 per cent.
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They have also changed the full year estimates.The numbers will be released later in the day.Nomuralowered their growth forecasts for the quarter ended September to 4.2%.Sonal Varma, chief economist for India and Asia at Nomura said, 'High-frequency indicators have plunged and domestic credit conditions remain tight amid weak global demand.'
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January 2023
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