RBI REVISES DOWNWARDS GDP FORECAST FOR CURRENT FINANCIAL YEAR TO 7% FROM 7.2%

The Reserve Bank of India (RBI) on Friday revised downwards India’s GDP forecast for the financial year 2022-23 to 7 per cent, from 7.2 per cent earlier. India’s GDP grew by 7.3 per cent in the June 2022 quarter.

Rating agencies and other organisations have also cut their FY23 GDP projection for India recently. ADB has revised downwards GDP forecast to 7 per cent from 7.2 per cent earlier, Moody’s has cut its economic growth forecast to 7.7 per cent from 8.8 per cent, India Ratings has lowered the FY23 GDP expectations to 6.9 per cent from 7 per cent. State Bank of India has also reduced its FY23 India GDP forecast to 6.8 per cent from 7.5 per cent earlier.