The estimate is based on a proprietary index of five high-frequency indicators—industrial production, exports, non-oil-non-gold imports, bank credit and consumer goods, it said.
Another indicator consisting of nearly 65 high-frequency indicators is also pointing towards 7 per cent growth for Q4 2023, it said.
In Q3 2023, the economy had seen 7.6 per cent growth. The official data for Q4 will be released on February 29.
"The Indian economy has exhibited remarkable resilience despite the Russia-Ukraine war of last year and COVID prior to that, with growth momentum holding up far better than anticipated," the report was quoted as saying by a domestic news agency.
The gross profit momentum has been buoyant, leading to expectations of industrial sector real gross value added growth of 7-8 per cent in Q4 2023, it said.
India is expected to deliver minimum 6-6.5 per cent real GDP growth in the long term—significantly higher compared to emerging markets over the next two decades, the brokerage added.
ALCHEMPro News Desk (DS)
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