S&P Lowers India GDP Growth Forecast by 30 bps to 7% For 2022-23

S&P Lowers India GDP Growth Forecast by 30 bps to 7% For 2022-23

• S&P Global Ratings cut India’s economic growth forecast for the current fiscal year ending March to 7 per cent as against 7.3 per cent projected earlier. S&P has also cut the growth forecast for 2023 to 6 per cent from 6.5 per cent as projected earlier. Subsequently, for FY24, GDP growth was downgraded by 50 basis points to 6%. The Indian economy grew 8.5 per cent in 2021.
• Foreign reserves have fallen in Asian emerging markets, even after adjusting for valuation changes. In India, the decrease in foreign reserves of USD 73 billion through August was far and above losses attributable to valuation changes (USD 30 billion). This, it said, implies that the central bank has made sizable interventions to support the Indian rupee.

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Published date : 29 Nov 2022 04:05PM