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S&P Global Ratings reduced India’s GDP forecast, repo rate may increase by 0.35% by March 2023

Indian Economy: Two days later, on November 30, 2022, the Ministry of Statistics is going to announce India’s GDP data for the second quarter of 2022-23. But before that, the rating agency S&P Global Ratings has reduced the estimate of India’s economic growth rate for the current financial year. The rating agency has cut the GDP estimate for 2022-23 to 7 percent, cutting its earlier estimate by 30 basis points. While the agency said that India’s economic growth rate could be 6 percent in 2023-24.

In the month of September, S&P Global Ratings had projected India’s economic growth rate to be 7.3 per cent in 2022-23. According to the rating agency’s quarterly economic update for Asia Pacific, the growth rate will accelerate due to a sharp jump in consumption in India, Indonesia and the Philippines. According to the report, a strong recovery in demand is yet to come after Kovid in many countries, which will benefit India.

According to S&P Global Ratings, the average inflation in 2022-23 is expected to be 6.8 per cent. Along with this, he has claimed that RBI can increase the repo rate from the current 5.90 percent to 6.25 percent. In the month of October, there was a decrease in wholesale inflation along with retail. While the retail inflation rate was 6.7 percent, the wholesale based inflation rate has come down to 8.39 percent.

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The rating agency said that there has been a decrease in the foreign exchange reserves of Asian countries. He has estimated the exchange rate to be Rs 79.50 per dollar by the end of March, currently it is Rs 81.77 per dollar. Regarding China, the rating agency said that China’s growth rate will remain low in the coming months. And after the exemption of Kovid in 2023 and after the stability in the property market, the economy there will pick up.

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