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India Ratings sees FY23 GDP growth at 7.6% on sustained govt spending

The ratings agency said it estimates investments, as measured by gross fixed capital formation (GFCF), to grow 8.7 per cent YoY in FY23

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The economic recovery was encouraging, he said, and restrictions put in place by many states to contain the current wave of Covid-19 were not as severe as the second wave

Arup Roychoudhury New Delhi
India Ratings & Research (Ind-Ra) expects gross domestic product (GDP) to grow 7.6 per cent in fiscal year 2022-23 (FY23), helped partly by continued government spending and a favourable global trade outlook, the ratings agency said on Thursday.

“After two years, the Indian economy will show a meaningful expansion, as the real GDP in FY23 will be 9.1 per cent higher than the FY20 (pre-Covid level) GDP level. However, the size of the Indian economy in FY23 will be 10.2 per cent lower than the FY23 GDP trend value,” said Sunil Kumar Sinha, principal economist with Ind-Ra.

“A continued weakness in private

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First Published: Jan 20 2022 | 3:15 PM IST

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