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India's ratings cut FY23 GDP growth forecast by what percentage?

Correct Answer : Option (B) - 6.9%

India Ratings became the latest agency to cut its FY23 gross domestic product forecast. On Thursday(15th Sep 2022), the ratings agency cut the forecast to 6.9 per cent from 7 per cent, joining other institutions who have cut their projections to below 7 per cent since the release of the April-June quarter GDP data.
“Despite private final consumption expenditure (PFCE) and gross fixed capital formation (GFCF) growth coming in better than our expectations in Q1, the agency expects the slowdown in the growth of government final consumption expenditure (GFCE) and worsening of net exports to weigh on the FY23 GDP growth,” India Ratings said in a statement.
On Thursday(15th Sep 2022), global rating agency Fitch also lowered India's economic growth forecast for FY23 to 7 per cent from its June 2022 estimate of 7.8 per cent. It now expects the GDP to slow further to 6.7 per cent in FY24 as compared to its earlier forecast of 7.4 per cent.
India Ratings projects GDP growth of 7.2 per cent in July-September FY23 quarter, 4 per cent in October-December and 4.1 per cent in February-March..

Source : Business Standard

Published On : September 17, 2022
Category : Indian Economy