Domestic rating agency Crisil has cut the real GDP growth forecast for India to 7.3 percent in FY23 (FY 2022-2023). Earlier this was estimated at 7.8 percent. It attributed the downward revision to higher oil prices, slowing of export demand and high inflation.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak. Inflation, which has been pegged to average at 6.8 per cent in FY23 as against 5.5 per cent in FY22, reduces purchasing power and would weigh on revival of consumption the largest component of GDP which has been backsliding for a while, the agency said.
Find More News on Economy Here
Books have always shaped the way people think and understand the world. Some books are…
India is famous all over the world as the land of spices. Different places in…
The US Federal Reserve has kept the interest rates unchanged at 3.50% to 3.75% in…
The Bengaluru Police has launched the AI-powered multilingual feature in the Namma 112 emergency helpline…
The Indian Space Research Organization started preparing to select the second batch of astronauts for…
The State of Maharashtra Cabinet which was led by Honorable Chief Minister Devendra Fadnavis have…