Q4 GDP Growth Projection: ICRA pegged the economic development at 2% for March quarterThe country's gross domestic product (GDP) is most likely to grow around 2 per cent in the January-March quarter of the financial year 2020-21 and could register a contraction of around 7.3 percent for the entire financial, according to a domestic credit score firm ICRA.

From the gross value-added viewpoint, the score company pegged the economic growth for the 4th quarter at three percent and a 6..3 percent contraction for the full year.

(Likewise Read: India's GDP Growth To Be Around 1.3% In March Quarter With Downward Predisposition: Report )According to the credit rating firm, the predicted GDP development of two per cent will assist the economy avoid a double-dip economic crisis phase, as hinted by the National Statistical Workplace or NSO for the March quarter.

The agency's growth forecast is much better than the eight per cent contraction forecasted by the National Statistical Workplace.

The NSO anticipates the financial development in the fourth quarter at just 1.1.

per cent.

ICRA's standard expectation is that the gross value-added (GVA) of defence, public administration, and other services will grow at 9 percent in the March quarter from a de-growth of 1.5 pe rcent in the 3rd quarter of financial 2020-21.

Aditi Nayar, Chief Financial expert, ICRA mentioned that the better-than-expected numbers are credited to the widespread recovery in volumes from the low base in the middle of the COVID-19 across the country lockdown in March 2020.

On balance, the chief economist expects the development in manufacturing GVA to increase to four per cent in the March quarter from 1.6 percent in the 3rd quarter of financial 2020-21.