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ICICI Securities Report
The Q3 FY21 gross domestic product data released on February 27, 2021 is broadly in line with our expectation.
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Real GDP in Q3 FY21 grew 0.4% YoY (our estimate: 0.6%) while real gross value added growth came in at 1%.
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The Central Statistic Office also released Second Advances Estimates (SAE) for FY21. As per SAE, real GDP in FY21 is likely to contract 8% YoY, down from 7.7% contraction expected in the First Advance Estimates.
This is surprising: we expected the CSO to upgrade FY21 growth forecast to 6.9% in SAE.
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