S&P lowers India GDP growth forecast by 30 bps to 7%in 2022-23

Tags: Economy/Finance

Standard & Poor (S&P) Global Ratings in a report released on 28 November 2022 has lowered India's GDP growth forecast for 2022-23 by 30 bps to 7 percent. It has also reduced the forecast for the GDP growth rate in 2023-24 to 6 percent. 100 basis points (bps) = 1%

The credit rating agency had in September projected India's economic growth at 7.3 percent for the current fiscal.

S&P is the latest agency which has downgraded India’s growth prospect in 2022-23. Earlier OECD had cut India’s expected growth rate to 6.6% in 2022. RBI expects the Indian economy to grow by 7 % in 2022-23.