India's GDP growth in the first quarter of the current fiscal will reach double digits to 13% due to a low base and a strong recovery in the contact-intensive sectors as a result of the expanding vaccination coverage, according to an ICRA report. ICRA anticipates that the services sector will lead sectoral growth in the first quarter of FY23 (+17-19%), followed by the industry (+9-11%). Due to the negative effects of the heat wave in numerous regions of the country, which reduced wheat yield, GVA growth in agriculture, forestry, and fishery is predicted to fall to 1.0% in the first quarter of FY23 from 4.1% in the fourth quarter of FY22. The gross value added (GVA) at basic prices is anticipated to increase to 12.6% in the first quarter of FY23 from 3.9% in the previous quarter. ICRA anticipates a base-effect driven expansion of 40-45% in the GVA of trade, hotels, transport, communication, and services connected to broadcasting (THTCS) in the first quarter of FY23, while trailing the pre-Covid level of the first quarter of FY20 by 2.5%.
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