New Delhi: International rating agencies Crisil and Icra reduced down their India growth projections for the current fiscal and the second quarter. The GDP growth rate is reduced mainly due to the ripple effect of slowdown in global growth and mixed crop output.
Crisil downgraded the India growth forecast by 30 bps to 7% while Icra pegged the economic expansion at 6.5% for the second quarter of FY2022-23.
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‘We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity. This will test the resilience of domestic demand,’said Crisil chief economist Dharmakirti Joshi.
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