Fitch cuts India’s FY23 growth to 7%

Fitch cuts India’s FY23 growth to 7%: Fitch has cut the India’s gross domestic product (GDP) growth forecast for 2022-23 to 7% from 7.8%.

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Reason: Due to the impact of the global economic slowdown, elevated inflation and tighter monetary policy. The European gas crisis, high inflation and a sharp acceleration in the pace of global monetary policy tightening are taking a heavy toll on economic prospects. The Fitch has predicted the growth to be slowed down to 6.7% in 2023-24 from 7.4%.