Rating Agency Crisil Lowers GDP Projection For 2022-23 To 7.3%

Indian Economy: In 2022-23, the pace of the car may...

Indian Economy: In 2022-23, the pace of the car may be slow in economic growth. Domestic rating agency CRISIL has reduced India’s economic growth forecast for 2022-23. The rating agency has reduced the country’s GDP growth rate estimate from 7.8 percent to 7.3 percent due to rise in crude oil prices, fall in exports and rising inflation.

Rating agency CRISIL (CRISIL) are negative aspects like rise in commodity prices, rise in freight rates, declining exports due to fall in global growth rate estimates and reduction in private consumption which the economy is facing. According to CRISIL, contact intensive services and better forecast of monsoon are included in the positive aspects.

According to CRISIL, the inflation rate is estimated to be 6.8 percent in 2022-23, which will work to reduce the purchasing power of the people. According to the agency, due to the scorching heat, the reduction in food production and the rise in commodity prices will increase the cost, which is the biggest factor in increasing inflation. CRISIL has expressed the apprehension of a sharp increase in the current account deficit, which will put pressure on the rupee against the dollar. And by March 2023, the rupee can touch the level of Rs 78 against the dollar. According to CRISIL, crude oil can remain between 105 to 110 dollars per barrel this year. Which is 35 percent more than last year.

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