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International rating agency slashes India’s growth projection for 2022-23

New Delhi: International rating agency, S&P Global Ratings reduced India’s growth projection for the current fiscal year. The growth projection is slashed to  7.3% from 7.8%.  The agency pegged CPI or retail inflation in the current fiscal at 6.9%.

S&P had in December last year pegged India’s GDP growth in the 2022-23 fiscal, which began on April 1, 2022, at 7.8%. For the next fiscal the growth has been pegged at 6.5%. Indian economy is estimated to have reported a GDP growth of 8.9% in the last fiscal (2021-22).

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Earlier in April, the  World Bank  reduced  India’s GDP forecast for fiscal 2022-23 to 8% from 8.7%. The IMF has cut the projections to 8.2% from 9%. Asian Development Bank (ADB) has projected India’s growth at 7.5%.  The RBI had in last month reduced  growth rate  to 7.2% from 7.8%.


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