OECD maintains India’s growth rate at 6.9 percent in current fiscal, S&P expects 7.3 percent

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OECD maintains India's growth rate at 6.9 percent in current fiscal, S&P expects 7.3 percent

OECD-S&P: Global organization Organization for Economic Co-operation and Development (OECD) on Monday retained India’s growth forecast for the current fiscal at 6.9 per cent. It said India’s growth rate will remain strong despite a weak global outlook. The OECD said in a report that India’s growth rate is likely to be 6.9 percent in the fiscal year 2022-23. S&P Global Ratings said on Monday that India’s economic growth rate is likely to be 7.3 percent in the current financial year. At the same time, the rating agency said that inflation may remain above 6 percent by the end of 2022.

India’s rapid growth

The OECD in its interim assessment said, “Soft external demand is also one of the reasons behind India’s growth rate of close to 7 per cent in FY 2022-23. But this still reflects India’s rapid growth in a weak global economy.” ” This economic organization had earlier predicted India’s growth rate to be 6.9 percent in its economic outlook released in June. However, this estimate is lower than the Reserve Bank of India’s forecast of 7.2 per cent for the current financial year. India’s growth rate in the last financial year was 8.7 percent. Simultaneously, the OECD has set India’s inflation rate at 6. It is also predicted to be 7 percent. The OECD said in its report that the global economy slowed down in the aftermath of Russia’s attack on Ukraine. Because of this, there is a huge pressure on inflation around the world. The organization has projected the global economy to grow at three percent in the calendar year 2022, while it is also expected to grow at only 2.2 percent next year. In this report, China’s growth rate has also been estimated to be only 3. percent this year. For China, this will be the lowest growth rate since the 1970s, except in the Kovid period. Percentage has also been estimated. For China, this will be the lowest growth rate since the 1970s, except in the Kovid period. Percentage has also been estimated. For China, this will be the lowest growth rate since the 1970s, except in the Kovid period.

ADB lowers its forecast to seven percent

S&P in its economic forecast for Asia Pacific said India’s growth next year will be supported by improving domestic demand. “We have retained India’s growth forecast at 7.3 per cent for FY 2022-2023 and at 6.5 per cent for the next fiscal year, although there remains a downside risk,” the statement said. Amid policy interest rates, other agencies have cut India’s GDP growth forecast. Earlier this month, Fitch Ratings slashed the growth forecast for the current fiscal to 7 per cent from 7.8 per cent earlier. India Ratings and Research also lowered its estimate from 7 per cent to 6.9 per cent. The Asian Development Bank (ADB) has lowered its forecast to 7. Reduced from 5 percent to 7 percent. The Reserve Bank of India (RBI) expects the Indian economy to grow at 7.2 percent in the current financial year

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