Fitch slashes India's FY23 GDP growth forecast to 7% on slowing global economy, rising interest cost - Shahpur Turk CSC - Common Service Centre in Sonipat Fitch slashes India's FY23 GDP growth forecast to 7% on slowing global economy, rising interest cost

17 September 2022

Fitch slashes India's FY23 GDP growth forecast to 7% on slowing global economy, rising interest cost

Fitch Ratings on Thursday slashed India's GDP growth projection for FY23 to 7 per cent, saying the economy is expected to slow against the backdrop of global economy, elevated inflation and high interest rate. In June, it had forecast 7.8 per cent growth for India. “We expect the economy to slow given the global economic backdrop, elevated inflation and tighter monetary policy. We now expect the economy to grow 7 per cent in the financial year to end-March 2023 (FY23) from 7.8 per cent previously, with FY24 also slowing to 6.7 per cent from 7.4 per cent before,” Fitch said in its September edition of the Global Economic Outlook.

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