S&P Global Ratings: Retains India’s FY23 GDP Growth at 7.3% – As per the S&P Global Ratings, India’s economic growth projection will remain at 7.3% for FY23 and 6.5 percent for the next fiscal year. S&P Global also said that higher interest rates will put pressure on central banks in the APAC region in the form of capital outflows and currency depreciation.
- S&P Global Ratings estimated inflation is likely to remain above the upper tolerance limit of 6% till the end of 2022 on the inflation projection.
- The Reserve Bank predicts the Indian economy will grow 7.2% in the current fiscal (April-March). The growth last year (2021-22) was 8.7%.
- Several other agencies such as ADB, Fitch Ratings and Citigroup, have already slashed India’s growth projections to either 7% or below.
- Ind-Ra, SBI and Citigroup have expected India’s growth projections to be 6.9%, 6.8% and 6.7%, respectively.
About S&P Global Ratings –
Founder: Henry Varnum Poor
Headquarters: New York, United States
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