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ICRA forecast 6% growth rate for India in 2023-24

Utkarsh Classes Last Updated 27-02-2024
ICRA forecast 6% growth rate for India in 2023-24 Economy 2 min read

The credit rating agency ICRA has forecasted  a growth rate of  6%  for the Indian economy in the current financial year 2023-24. It is lower than the RBI’s estimates of 6.5%.

In its report released on 22 August 2023  Icra's chief economist Aditi Nayar said though the Indian economy is likely to grow by 8.5% in the first quarter(April-June) of the current year  the  growth rate is likely to slow down in the second half of the fiscal year.

According to Aditi Nayar erratic rainfall, high  commodity prices, and possible slowdown in momentum of government capex "as we approach the Parliamentary elections will limit the growth". 

Expected Growth rate of the Indian economy in 2023-24

(as forecasted by various agencies (as on 22 August 2023)

Agency / Organisation

GDP forecast for 2023-24

Reserve Bank of India


World Bank


International Monetary Fund


Asian Development Bank




Morgan Stanley 


Standard & Poor's GDP forecast


United Nations (GDP forecast)

5.8%(January to December )


6 %

Fitch Rating


ICRA Limited 

ICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies. 

Moody Investor Service of the United States is the largest shareholder of ICRA. 

It is an independent and professional investment Information and Credit Rating Agency.

Headquarters : Gurugram, Haryana 

Managing Director and Chief Executive Officer :Ramnath Krishnan


Answer : 6%

Answer : New Delhi
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