Saturday, July 13, 2024
HomeBusinessS&P lowers India growth projection to 7.3% for FY23

S&P lowers India growth projection to 7.3% for FY23

Date:

Related stories

Gracie Bon: A Rising Star in the Fitness and Wellness Industry

Gracie Bon is a name that has been making...

Dimple Malhan- Personal and Professional life!!

Famous Vlogger recognised for Dimple's Kitchen YouTube channel. She...

Tips for Writing an Impactful Resume After a Long Career Break

Sometimes, it is necessary to take a career break...

Top 4 Reasons Your Business Should Have a Social Media Manager

Whether you decide to hire an in-house social media...

[ad_1]

With rising inflation and the longer-than-expected Russia-Ukraine conflict, S&P Global Ratings on Wednesday lowered India’s growth projection for the current fiscal year to 7.3% from 7.8% estimated earlier.

In December 2021, S&P had pegged India’s GDP growth for FY23 at 7.8%. For the next fiscal, the growth has been pegged at 6.5%. The Indian economy is estimated to clock a GDP growth of 8.9% for FY22.

“The risks to our forecasts have picked up since our last forecast round and remain firmly on the downside. The Russia-Ukraine conflict is more likely to drag on and escalate than end earlier and deescalate, in our view, pushing the risks to the downside,” S&P said in its Global Macro Update to Growth Forecasts.

S&P has pegged CPI or retail inflation in the current fiscal year at 6.9%. It said inflation remaining higher for long is a worry, which requires central banks to raise rates more than what is currently priced in, risking a harder landing, including a larger hit to output and employment.

In April, the World Bank slashed India’s GDP forecast for FY23 to 8% from 8.7% predicted earlier, while the International Monetary Fund (IMF) has cut the projections to 8.2% from 9%.

The Asian Development Bank (ADB) has projected India’s growth at 7.5%, while the Reserve Bank of India has cut its forecast to 7.2% last month from 7.8%, amid volatile crude oil prices and supply chain disruptions due to the ongoing Russia-Ukraine war.



[ad_2]

Source link

See also  International opposition mounts to proposed U.S. EV tax credit By Reuters
Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories