Quantta Analytics, a leading player in the Big Data and Analytics space in India in collaboration with the NITI Aayog has developed a proprietary algorithm to predict the GDP growth rate of India. Using data from several sectors, that drive growth, it predicts a First Quarter growth rate of 7.83% indicating that the Indian Economy is firing on all cylinders. The growth comes on the back of several headwinds, including a hardening of oil prices. India imports approximately 220 million tons of crude oil each year pegged at approximately US $87.725 billion according to the Ministry of Petroleum Planning and Analysis Cell. Also, in the past year the Indian Rupee has depreciated from ~ Rs. 64 to the US Dollar to over Rs. 70 to the US Dollar. Despite this, we expect the Indian economy to do well in the first half of Financial Year 2018-19.
Dr. Rajiv Kumar, Vice Chairman, NITI Aayog said “The Leading Economic Indicator Index being developed by Quantta Index in collaboration with NITI Aayog was put up on the website of Quantta at www.quantta.com/quantta-index on the 29th of August 2019. Their analytically designed and empirically validated estimate of 7.83% Q1 GDP growth are a shade below the GVA of 8.00%. Congratulations to the entire team for being proven right”
Ritesh Bawri, founder Quantta Analytics said “it is a proud moment for Quantta to work with the highest echelons of Government to provide an advance warning system so that the Government can take proactive action to drive growth in the Indian Economy”