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).
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%.