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

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%.
• 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.

Published date : 31 Mar 2022 05:37PM