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 Why in news

  • GDP growth was expected to have slowed to a four-quarter low of 6.7% between January and March, which would, however, still add up to an average 7.8% pace of growth for 2023-24, ratings firm ICRA projected.

  • The National Statistical Office (NSO), which will present national income estimates for 2023-24 on May 31, had earlier projected a 7.6% GDP growth for the year gone by, factoring in a 5.9% uptick in the final quarter, compared with the 8.4% growth estimated for the third quarter.


  • According to ICRA, slowdown in industry and services and contraction in agriculture likely retarded fourth-quarter momentum

  • Agricultural GVA (Gross Value Added) is expected to have contracted for the second straight quarter, shrinking 0.5%, after a 0.8% drop in Q3, amid weak trends in the rabi output for crops other than wheat and concerns related to yields, ICRA said.

  • Lower volume growth, coupled with diminishing gains from commodity prices dampening the profitability of some industrial sectors, were responsible for slower Q4 GVA growth.


  • ICRA Limited (ICRA) is an Indian independent and professional investment information and credit rating agency.

  • The company was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India)

  • ICRA's credit ratings are symbolic representations of its current opinion on the relative credit risks associated with the rated debt obligations/issues. 

  • These ratings are assigned on an Indian (that is, national or local) credit rating scale for Indian Rupee denominated debt obligations

  • ICRA ratings may be understood as relative rankings of credit risk within India.

  • ICRA ratings are not designed to enable any rating comparison among instruments across countries; rather, these address the relative credit risks within India.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: ICRA UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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