What is India’s GDP projected by the S&P Global Inc. 2022
S&P Global Inc. an American based Public Trading Corporation company has recently released its Global Rating Report and it has projected India’s GDP growth to 7.3% for Fiscal Year 2023.
This report was released by the company on Monday September 26, 2022 and it has also projected India’s Inflation for Fiscal Year 2023 and for 2024.
The report issued by the S&P Global said that India’s inflation for fiscal year 2022-23 will be more than the threshold value of RBI’s 6% but it will change for the fiscal year 2023-24 or FY2024 to 5%.
In the report it was said by the S&P Global that the reason behind this high inflation and less GDP growth is Corona Virus Pandemic and now after post pandemic India is growing very quickly and there we will see a growth of 7.3% in India’s GDP for the fiscal year 2022-23.
For the next fiscal year i.e. for 2023-24 the GDP growth will decline to 6.5% but at low risk said by the company S&P Global.
India’s Inflation Prediction by S&P Global Inc. for FY2023-2024
S&P Global has projected India’s Inflation for the fiscal year 2022 is 6.8% which is already above the tolerance value of RBI’s 6%. Also it was projected that in the next fiscal year 2023-24 there will be a decline in inflation and it will reach to 5.0%.
The organization also said that in addition to significant weather-related price hikes for wheat and rice as well as persistent core inflation. And food inflation may increase once more.
According to report released by S&P Global, high core inflation will cause policy rates to increase even further in India, with terminal interest rates forecast to be 5.90% in CY22.
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In an interview last week, India would benefit from the global economic downturn, according to chief economist V Anantha Nageswaran. According to him, the Indian economy is projected to expand between 7.2% and 7.4% this fiscal year.
“I believe that the industrialized world’s central banks would have to tighten their monetary policy regardless of how the high inflation rate affected consumer demand and purchasing power.
Because of the downward pressure it puts on the price of crude oil and other commodities, industrial metals, and food supplies in general, I believe the slowdown would be beneficial for India overall.
India’s GDP Growth Prediction by Other Companies
Recently most of the agency has released their reports an they have predicted India’s GDP growth for fiscal year 2022-23. Let’s Check all companies predictions about India’s GDP for FY23 –
- Fitch Ratings – Currently 7.0%, Earlier 7.8%
- India Ratings & Research Report – Currently 6.9%, Earlier 7.0%
- Asian Development Bank Report – Currently 7.0%, Earlier 7.5%
- RBI Expected GDP Growth FY23 – 7.2%
Conclusion –
I hope guys you have liked this post and I have collected these all data from the website financialexpress.com and by clicking on that link you can read this news in full details.
