October spike unlikely to trigger upgrade in growth forecasts

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ICRA would revisit its projection of a 11% contraction for the fiscal only in December when the National Statistical Office would have released its second quarter estimates, according the agency’s principal economist Aditi Nayar.

Synopsis

Experts view the recent pick up in the economy as a blip that is likely to subside after riding out the wave of festive demand, stating it was too early to term it as a broad-based recovery.

NEW DELHI: The uptick in high-frequency indicators of economic activity in October are unlikely to prompt an upgrade in growth projections for the current fiscal any time soon from rating agencies and economists.Experts view the recent pick up in the economy as a blip that is likely to subside after riding out the wave of festive demand, stating it was too early to term it as a broad-based recovery. Further, most estimates incorporate a downward

BY

ET Bureau

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