Mumbai: International rating agency, S&P Global Ratings has reduced India’s economic growth forecast for current fiscal year. The GDP growth rate is reduced to 7%. S&P had in September projected the Indian economy to grow 7.3% in 2022-23 and 6.5% in next fiscal year (2023-24). The agency also updated that the Indian economy will be less impacted by the global slowdown.
‘The global slowdown will have less impact on domestic demand-led economies such as India… India’s output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year, S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said.
Earlier several other agencies had slashed the GDP growth rate of India. They had cited slowdown in global economy, Russia-Ukraine war, rising interest rates and inflation as the reason for this.