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.
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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.
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