MUMBAI: National evaluation agency Icra on Monday forecast a two percent uptick in development through the March FY21 quarter, and a percent from the gross worth perspective.

This would indicate the NSO projection of a double-dip contraction has been averted.

The agency has put the full-year contraction in 8.45 percent.

Its main economist Aditi Nayar anticipates the annualised GDP growth at 2 percent in the March quarter, up from 0.40 percent from the December quarter.

The bureau has estimated that the GVA growth at 3 percent in Q4 of all FY21up from 1 percent in Q3, implying that the double-dip recession signaled from the National Statistics Office (NSO) for Q4 is prevented.

“We’ve predicted GDP growth to track the GVA growth in Q4, due to the evaluated effect of the back-ended launch of subsidies from the authorities. Considering that the latter, we consider the trend from the GVA operation might be a more significant indicator of the financial recovery in Q4,” Nayar said.