India's Q4 GDP growth seen at 7.1%: Ficci survey

India's GDP growth is expected at 7.1 per cent for the January-March quarter of the last fiscal and 6.6 per cent for the entire 2017-18, industry body Ficci said today.

The Central Statistics Office (CSO) is scheduled to release GDP numbers for the fourth quarter as well as the 2017-18 fiscal on May 31.

The GDP growth in the third quarter (October-December 2017-18) is seen at 7.2 per cent, and for the entire last fiscal (2017-18), it is projected at 6.6 per cent at constant prices, as per CSO data.

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Ficci's Economic Outlook Survey, based on opinion of economists, projects the annual economic growth for 2018-19 at 7.4 per cent with a minimum and maximum of 6.9 per cent and 7.5 per cent, respectively.

The chamber's survey further said that "some concerns" are visible on external front with median current account deficit forecast pegged at 2.1 per cent of GDP for 2018-19.

The surge in oil prices has emerged as a major risk factor and can weigh down heavy on India's external position and overall growth prospects.

The weakening rupee is further adding strain on the imports.

"In fact, the economists felt that the rupee might continue to remain under pressure during the remaining part of the year," it said.

The economists also shared their views on rising protectionist policies by some of the leading economies and its impact on India.

As per Ficci, the economist unanimously felt that the brewing trade war can impact India indirectly, if not directly, as the country is deeply integrated with global economy.

The economists believed that protectionist measures could undermine the multilateral trading system governed by WTO rules.