![Nomura cuts 2023 GDP forecast for Indian to 4.7%](https://www.gkseries.com/blog/wp-content/uploads/2022/07/download-2022-07-15T111627.509.jpg)
Nomura has cut its 2023 forecast for economic growth in India to 4.7% from its earlier projection of 5.4% amid recession fears and rising interest rates.
Reason: Higher inflation, monetary policy tightening, dormant private capex growth, the power crunch and the global growth slowdown.
Retail inflation rate of India – the CPI has been recorded 7.01% as compare to 7.04% in May, the sixth consecutive month that the CPI inflation has remained above RBI set limit.