Mumbai: International rating agency, Flitch has reduced the GDP growth rate of India. As per the agency, the gross domestic product (GDP) growth forecast of India for the current fiscal year will be 7%. Earlier it was at 7.8%.
GDP growth rate will slowdown to 6.7% in 2024 fiscal year. Earlier, Flitch predicted a growth of 7.4% in 2024 fiscal year.
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‘We expect the economy to slow given the global economic backdrop, elevated inflation and tighter monetary policy. Inflation moderated in August as crude oil prices eased, but the risk to food inflation persists given negative seasonality towards the end of this year,’ said the agency.
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