Domestic rating agency ICRA predicts India’s GDP growth to decelerate to 6.7% in the March quarter of the 2023-24 fiscal year, marking a four-quarter low. Despite a robust performance in the previous quarters, factors such as lower volume growth and declining profitability in certain industrial sectors are expected to dampen growth. For the full fiscal year, ICRA estimates GDP growth at 7.8%, with the gap between GDP and GVA growth likely to moderate. Investment activity remains healthy, but some indicators suggest transient caution due to the Model Code of Conduct and election-related uncertainty.