RBI lowers the current financial year’s GDP forecast to 7% from 7.2%

The Reserve Bank of India (RBI) on Friday lowered its prediction for India’s GDP for the fiscal year 2022–2023 from 7.2% to 7%.

Advertisement

The Reserve Bank of India (RBI) on Friday lowered its prediction for India’s GDP for the fiscal year 2022–2023 from 7.2% to 7%. India’s GDP increased 7.3% in the three months ending in June 2022.

Recent revisions to the FY23 GDP prediction for India by rating agencies and other organisations have also been made. ADB amended its GDP prediction downward to 7.0% from 7.20% earlier, Moody’s decreased its economic growth forecast to 7.7% from 8.8%, and India Ratings downgraded its FY23 GDP expectations to 6.9% from 7.0%. The FY23 India GDP prediction from the State Bank of India has also been lowered from 7.5% to 6.8%.

Taking these considerations into account, he continued, real GDP growth for 2022–2023 is forecast at 7%, with estimates for the second quarter of 6.3%, the third quarter of 4.6%, and the fourth quarter of 4.6%, with risks being broadly balanced. “The predicted growth for Q1:2023–2024 is 7.2 percent.”

Recent revisions to the FY23 GDP prediction for India by rating agencies and other organisations have also been made. ADB amended its GDP prediction downward to 7.0% from 7.20% earlier, Moody’s decreased its economic growth forecast to 7.7% from 8.8%, and India Ratings downgraded its FY23 GDP expectations to 6.9% from 7.0%. The FY23 India GDP prediction from the State Bank of India has also been lowered from 7.5% to 6.8%.