
Goldman Sachs cuts India's GDP forecast to 5.9% for 2023
Gross domestic product may expand by 5.9% next year from an estimated 6.9% in 2022, says Goldman Sachs.
Gross domestic product may expand by 5.9% next year from an estimated 6.9% in 2022, says Goldman Sachs.
Ind-Ra's estimate shows that even if GDP grows at 7.6% every year after FY23, then also India would be able to catch up with pre-pandemic trend growth only by FY35.
Fitch Ratings expects the RBI to continue raising repo rate to 5.9% before year-end.
The U.S. GDP contracted at a 0.9% annual pace in the second quarter of 2022, following a 1.6% annual drop in the March quarter
India has done quite well during the pandemic in terms of navigating income shocks, says an SBI Research report.
This brings India's GDP growth for the March quarter to an one-year low despite managing to outdo expectations by most analysts.
The GDP growth projections range between 5.4% and 9.1%, but there is near-consensus that high inflation and rate hikes will affect India’s economic growth.
The survey mentions that the Russia-Ukraine conflict is likely to further aggravate price rise through imported commodities.
The trade body said India will face restraints on several fronts due to the Russia-Ukraine war.
A closer look beyond the headline numbers reveals that manufacturing and construction still remain a pain point in the economy.