S&P Global Ratings on Monday said the Indian economy is expected to grow at 7.3 per cent in the current financial year 2022-23. It added that the causes of this downward pressure on growth are high oil prices, slowing global demand for India’s exports, and high inflation. S&P also expects inflation at 6.8 per cent for this fiscal year, which is above RBI’s target level.
“We expect India’s GDP to grow by 7.3 per cent in fiscal year 2023 compared with 7.8 per cent three months ago. The causes of this downward pressure on growth are high oil prices, slowing global demand for India’s exports, and high inflation. The latter is curbing the purchasing power of the poor because energy and food, key drivers of current inflation, account for a chunk of their consumption basket. But there are also factors supporting growth,” S&P Global Ratings said in its latest report, titled ‘Economic Outlook Asia-Pacific Q3 2022’.
It said a…
