Categories: Economy

S&P Cuts India’s Economic Growth Forecast To 7.3% For 2022-23

S&P Global Ratings cut India’s growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict. S&P had in December last year pegged India’s GDP growth in 2022-23 fiscal, which began on April 1, 2022, at 7.8 per cent. For the next fiscal the growth has been pegged at 6.5 per cent.

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In the aftermath of the Russia-Ukraine war and rising commodity prices, various global agencies have cut India’s growth forecast recently.
The World Bank in April slashed India’s GDP forecast for fiscal 2022-23 to 8 per cent from 8.7 per cent predicted earlier, while IMF has cut the projections to 8.2 per cent from 9 per cent.
Asian Development Bank (ADB) has projected India’s growth at 7.5 per cent, while the RBI, last month, cut its forecast to 7.2 per cent from 7.8 per cent amid volatile crude oil prices and supply chain disruptions due to the ongoing Russia-Ukraine war.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.