India's economic growth rate will be 7.3 percent in the current financial year. S&P Global Ratings released its report on Wednesday, revising India's growth forecast for FY23 to 7.3 percent from 7.8 percent.
Policy rates need to be hiked further
In its Global Macro Update to Growth Forecast, the S&P said that prolonged inflation in the country is a major concern, requiring central banks to hike rates further. According to the report, while the growth forecast for the current financial year has been reduced to 7.3 percent, the growth rate for the next financial year has been projected to be 6.5 percent.
This estimate of inflation
The report released by S&P Global said that the revision of our forecast is attributed not only to rising inflation in the country but also to the escalation of the ongoing war between Russia and Ukraine. This could further increase the risk to the economy. S&P has projected CPI or retail inflation to be 6.9 percent in the current fiscal. The report also estimated that the Indian economy registered a GDP growth of 8.9 percent in the last financial year (2021-22). Significantly, after the Russo-Ukraine war and rising commodity prices, various global agencies have recently cut India's growth forecast.
World Bank to RBI cut
While the World Bank in April slashed India's GDP forecast for the fiscal year 2022-23 to 8 percent from 8.7 percent, the IMF slashed the projections to 8.2 percent from 9 percent. Apart from this, the Asian Development Bank (ADB) has projected India's growth rate to be 7.5 percent, while the RBI reduced its forecast to 7.2 percent from 7.8 percent.
After the T20 series between India and England, the ODI series will start today. The first match
The protest against the Agneepath scheme in Punjab is not taking its name to stop. Now the Punjab
Prime Minister Narendra Modi is starting a two-day tour of three states from today. PM Modi will
G-20 Summit: India trying to agree on a statement by including Russia's views on Ukraine
India has proposed that the views of Russia and China be included in the G-20 statement condemnin
The first Indian Biological Data Center (IBDC) in the country has been set up in Faridabad, adjac
Sri Lankan Foreign Minister Ali Sabri said on Monday that his government has not allowed the Chin
Palestine: Who runs Palestine, what are the political parties here? Know his relationship with Hamas
After the attack on Israel, the Palestinian terrorist organization Hamas has become a topic of di
Today is the second day of the winter session of the Bihar Legislature. As soon as the session st
The grand finale of Rise and Fall is set to be a special one. Bhojpuri superstar Pawan Singh will
So far, India has won many medals in Paris Olympics 2024. Now the silver medal has also been adde
