India to notch over 8 per cent growth for the next three quarters: Deloitte

Mumbai: Deloitte's forecast for the Indian economy is positive with an expectation of over 8 per cent growth in the next quarter.

In a new report on its growth forecasts for India, the global consulting firm said, projections for the agriculture and allied sectors were buoyant – an expectation that growth will surpass 2.9 per cent, leading to more money in the hands of consumers, the forecast states.

The report highlights that the Indian economy is following a syncopated growth trajectory and the monsoon, the lack of which threatened to fuel spiralling inflation and derail economic progress just a few months ago, has now turned into a facilitator of growth.

A bumper harvest is likely to infuse the economy with the liquidity that is required to sustain the resurgence in the manufacturing sector. It is likely the economy will grow at over 8 per cent in the next three quarters. 

In the initial months of the current fiscal year, Indian exports were hailed as an upbeat barometer of India's economic performance but the latest trends indicate a slowdown.

Exports had grown at about 30 per cent until June, but slipped to just 13 per cent in July. The decline is a correction in the growth figures due to the removal of the base effect.