NEW DELHI, Nov 29 (NNN-PTI) – American credit rating agency, S&P Global Ratings, yesterday cut India’s economic growth forecast for fiscal year 2022-23, from 7.3 percent to seven percent. It noted the domestic demand-led Indian economy will be less impacted by the global slowdown.
S&P Global Ratings’ Asia-Pacific chief economist, Louis Kuijs said, “The global slowdown will have less impact on domestic demand-led economies, such as India. India’s output will expand seven percent in fiscal year 2022-2023, and six percent in the next fiscal year.”
In Sept, S&P had projected the Indian economy to grow 7.3 percent in the current fiscal year, and 6.5 percent in fiscal year 2023-24.
According to a report, the country’s economy grew 8.5 percent in 2021. Inflation was projected to average 6.8 percent, in the current fiscal year, and the Reserve Bank of India’s benchmark interest rate to rise to 6.25 percent by Mar, 2023.
India’s wholesale and retail inflation fell in Oct, after remaining high for most part of the year, mainly due to supply chain disruptions, following the outbreak of the Russia-Ukraine conflict in Feb, added the report.– NNN-PTI
