Mon May 19 13:01:37 UTC 2025: **Summary:**

This article from The Hindu, published on May 19, 2025, focuses on economic growth projections for India. The National Statistics Office (NSO) estimated a 6.5% GDP growth for the fiscal year 2024-25. However, ICRA, a credit rating agency, projects a lower growth of 6.9% for the fourth quarter of FY25 and 6.3% for the entire fiscal year. The article highlights the discrepancy between the NSO’s and ICRA’s estimates, attributing ICRA’s lower forecast to uneven private consumption and investment trends in the fourth quarter.

**News Article:**

**India’s Economic Growth Forecasts Diverge: ICRA Undershoots NSO’s Prediction**

**New Delhi, May 19, 2025** – Projections for India’s economic growth in the fiscal year 2024-25 are facing scrutiny as estimates from different institutions diverge. The National Statistics Office (NSO) had previously projected a GDP growth of 6.5% for the year. However, ICRA, a credit rating agency, released a report today forecasting a growth of 6.9% for the fourth quarter (ending March 31, 2025) but only 6.3% for the entire fiscal year.

This discrepancy underscores potential uncertainties in the Indian economy. ICRA Chief Economist Aditi Nayar cited uneven private consumption and investment activity as factors contributing to the lower overall projection. The report also noted a contraction in merchandise exports during the quarter, despite strong performance from the services sector.

To achieve the NSO’s projected 6.5% growth, the Indian economy would need to grow at 7.6% in the fourth quarter, a figure ICRA deems unlikely. While the NSO is set to release its provisional GDP estimates for FY25 on May 30, ICRA’s revised forecast suggests a more cautious outlook on the country’s economic trajectory. The difference in projections has sparked debate among economists and investors, highlighting the complexities of assessing India’s economic performance in a dynamic global landscape.

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