Industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has downgraded India’s economic output estimate for this financial year by 40 basis points to 7% for 2022-23. In April, FICCI had estimated India’s growth at 7.4% for 2022-23. Owing to geopolitical uncertainties and their impact on Asia’s third largest economy.
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However, in its latest round of Economic Outlook Survey (July 2022), it revised the growth projection on account of geopolitical uncertainty and its repercussions for the Indian economy. The present round of surveys that drew responses from leading economists representing the industry, banking, and financial services sector, was conducted in the month of June 2022.
Why does this downgrade happen?
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