New Delhi: India Ratings and Research (Ind-Ra) reduced the Gross Domestic Product (GDP) growth forecast for the 2022-23 financial year to 7 to 7.2%. Earlier in January the rating agency predicted a growth of 7.6%.
The growth projection was reduced due to global geo-political situation arising out of the Russia-Ukraine war. According to Ind-Ra, the crude oil price may surge either for three months or six months and this will affect the domestic economy. If the crude oil price is high for next three months then the GDP growth rate may be at 7.2% and if crude oil price remain high for six months then the growth rate may be at 7%.
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Earlier International agency, Fitch Ratings downgraded its growth forecast for India by 180 basis points to 8.5%t for 2022-23. Organization for Economic Co-operation and Development (OECD) on Tuesday said India’s real GDP is projected to grow at 8.1% in calendar year 2022 and 5.5% in calendar year 2023.
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