Rating agency ICRA has projected India's year-on-year (YoY) GDP growth to moderate to 7.2 per cent in the third quarter (Q3) of FY2025-26, compared with 8.2 per cent recorded in Q2 FY2025-26, citing slower expansion in services and agriculture despite improved industrial performance. Lower expansion in the services (+7.8% in Q3 2025-26 against +9.2% in Q2 2025-26) and agriculture (+3.0% in Q3 2025-26 against +3.5% in Q2 2025-26) sectors is likely to outweigh a pick-up in the performance of the industrial sector (six-quarter high of +8.3% in Q3 2025-26 against +7.7% in Q2 2025-26), the report said.