India's GDP to Grow 7.4% in 2022-23: FICCI Economic Outlook Survey
News 18The country’s gross domestic product is expected to grow 7.4 per cent in the current financial year 2022-23, according to the FICCI Economic Outlook Survey. “While the threat from the pandemic remains on fore, the continuation of Russia-Ukraine conflict is posing a significant challenge to global recovery.” Industry body FICCI in a statement on Sunday also said that according to estimates provided by the Survey participants, global growth could slow by 50-75 basis points due to the conflict, further moderating the prospects of the post-COVID-19 recovery. “The latest round of FICCI’s Economic Outlook Survey puts forth an annual median GDP growth forecast for 2022-23 at 7.4 per cent — with a minimum and maximum growth estimate of six per cent and 7.8 per cent, respectively,” the industry body stated. FICCI said, “The economists were of the view that the Reserve Bank of India will look at reversing its stance in the second half of the current year and one can expect a rate hike between 50-75 bps by end of this fiscal year.” The industry body said retail inflation has also been treading above the targeted range of the RBI in January and February 2022 and should see some respite in the forthcoming fiscal year.