India Ratings Cuts FY23 GDP Growth Forecast to 6.9%: India Ratings became the latest agency to cut its FY23 gross domestic product forecast. 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.
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The agency did say that India’s biggest strength continues to be domestic economic activity, which has shown more resilience compared to the rest of the world. It said that it expects the growth momentum to sustain, averaging around mid-single digit in the remaining quarters, mainly buoyed by the upcoming festival season.