EEPC chairman also stated that volatility in commodity prices, supply chain disruptions and a possible change in world political order would certainly have an impact on trade and the economy.
Ind-Ra's India GDP forecast cut comes a day after ICRA Ltd cut its FY23 growth forecast to 7.2 percent from 8 percent
Ratings agency India Ratings and Research (Ind-Ra) on Wednesday revised India's FY23 forecast downwards to 7-7.2 per cent.
As higher oil prices torpedo economic recovery worldwide, Morgan Stanley has cut India's GDP forecast for the fiscal year beginning April 1 by 50 basis points to 7.9 per cent
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Based on Sitharaman's statement, the finance ministry's own real GDP projection is closer to that of the Reserve Bank of India
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On a calendar year basis, it projected India's GDP growth at 8.7 per cent in 2022 and 6.6 per cent in 2023
It says the economic impact of the Omicron wave in the fourth quarter could be lower than in previous waves, but activity momentum in the third quarter was much lower than expected
The Indian economy grew at 8.4 per cent in the second quarter of the current fiscal, as against a growth of 20.1 per cent in the April-June quarter
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The ifo Institute, a research institution based in Munich, has lowered its 2022 economic growth forecast for Germany from the previous forecast of 5.1 to 3.7 per cent in 2022.
RBI retained the GDP growth forecast at 9.5 per cent for the current fiscal but cautioned that the economic recovery is not yet strong enough
However, Fitch raised GDP growth projection for the next financial year to 10.3 per cent
Global growth is set to hit 5.6% this year before moderating to 4.5% in 2022 and 3.2% in 2023, the Organisation for Economic Cooperation and Development said
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The Reserve Bank of India has pegged growth for the same period at 7.9%
The Reserve Bank also forecasts 9.5 per cent GDP growth this fiscal while the average projection ranges from 8.5 to 10 per cent. The government projection is around 10 per cent.
RBI retained the GDP forecast for the current financial year at 9.5 per cent and flagged semiconductor shortages, elevated commodity prices and potential global market volatility as downside risks
Risks to a broad global recovery rising: IMF chief