Rising inflation and Russia-Ukraine war are likely to have an impact on India’s GDP. GDP growth estimates of all rating agencies are also indicating this. In this series, the global rating agency S&P has reduced India’s growth forecast from 7.8 percent to 7.3 percent.
In fact, in December last year, this rating agency had estimated India’s GDP growth at 7.8 per cent for 2022-23. Now it has been reduced to 7.3 per cent in the current financial year (2022-23). At the same time, 6.5 percent growth has been estimated for the next financial year.
S&P said retail inflation is likely to remain at 6.9 per cent in the current fiscal. According to S&P, the war between Russia and Ukraine is expected to prolong, which has increased the risk.
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Whose guess: The World Bank in April cut India’s GDP forecast to 8 per cent from 8.7 per cent, while the International Monetary Fund slashed it from 9 per cent to 8.2 per cent and the Asian Development Bank at 7.5 per cent. At the same time, the Reserve Bank of India (RBI) last month reduced the growth forecast to 7.2 per cent from 7.8 per cent.
