New Delhi. The Indian economy will grow at a rate of 6.5 to 7.1 percent in the current financial year 2022-23 amid rising inflation and sluggishness in the global economy. Deloitte India has estimated this in a report.
1.9 percent increase in repo rate since April 2022
It has been said in the report that for the last few months, high inflation has remained a challenge for the policy-makers. The Reserve Bank of India has increased the key policy rate repo by 1.9 percent from April 2022 to curb inflation.
Increase in import bill and inflation due to rising dollar
According to the news agency PTI, the report says that apart from this, the import bill is increasing due to the rising dollar, due to which inflation is also increasing. It has been said that in some developed countries, the situation may worsen due to recession by the end of 2022 or the beginning of next year.
read this also- Bad news came on the economic front, UBS reduced GDP growth forecast for FY24
Next year it can be between 5.5 to 6.1 percent GDP growth rate
Deloitte said that due to the continued continuation of global economic uncertainty, India’s growth factors will start to have a negative impact. Deloitte estimates that India’s growth rate will be between 6.5 and 7.1 percent in the current financial year, while it will be between 5.5 and 6.1 percent in the next year. India’s GDP growth rate was 8.7 percent in 2021-22.
Deloitte India economist Rumki Majumdar said, “We expect the consumer sector to get a boost from the upcoming festive season.” This sector is yet to show a sustained revival. Loans to industry and service sector have increased significantly, which shows that the investment prospects of the private sector are better. Sustained demand growth is necessary to increase investment. Growth is unlikely to be supported by exports and government spending due to slowing global demand and limited resources.
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: economics, GDP, GDP growth
FIRST PUBLISHED : November 20, 2022, 15:44 IST
