Indian economy is likely to post healthy GDP (Gross Domestic Product) numbers for the quarter ended March 31, 2017 when they are released later today. 

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Analysts expect that the new IIP and WPI series will push up GDP numbers as the base year now stands at 2011-12 instead of 2004-05. Moody's Investors Services, in a note said that it expects Indian economy to grow at 7.5% in FY17 and 7.7% in FY18. 

It said that Indian economy will gradually accelerate to around 8% over the next three to four years. 

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Key things to watch out: 

IIP: 

India's factory ouutput or IIP grew 2.7% in March 2017 as against a drop of 1.2% in February 2017. Manufacturing output in the given month rose 1.2% and electricity production grew 6.2%. 

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Wholesale inflation: 

Wholesale inflation of WPI has been 4.3% in January 2017 followed by 5.5% and 5.3% in February and March 2017. 

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Revision:

The new IIP and WPI series would mean that Indian economy's past performance is also likely to get a boost. 

Soumya Kanti Ghosh of SBI Research said, "We expect FY14 GDP growth to be revised from 6.5% to 7.3% while FY16 GDP is expected to be revised from 7.9% to 8.3% because of the new IIP and GDP series. FY17 GDP growth is expected to be revised from 7.1% to 7.6%."

He said, "We also expect 7.2% GDP (GVA: 6.8%) growth for Q4 FY17 and also upward revision in all the preceding three quarters."

Government statistics department CSO will release GDP numbers at 5.30 pm on May 31, 2017