ICRA cuts India’s GDP growth forecast in FY23 to 7.2%

Rating agency ICRA has lowered the growth forecast for India’s GDP in 2022-23 (FY23) to 7.2 per cent. Earlier this rate was 8 per cent. The ICRA Ltd. has projected the GDP growth forecast for 2021-22 (FY22) at 8.5%, lower than the official advance estimate from the National Statistical Office of 8.9%.

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Citing elevated commodity prices and supply chain challenges arising from the Russia-Ukraine conflict, as well as higher prices of fuels and edible oils denting demand due to squeezed household incomes.

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