FICCI cuts India's FY23 growth estimate to 7%

An economic outlook survey by the Federation of Indian Chambers of Commerce and Industry has trimmed the gross domestic product growth estimate for 2022-23 at 7% from 7.4% earlier. There was a unanimous view among the participants that although the Indian economy is expected to face a slowdown in the near-to-medium term, it will still grow consistently to emerge as the fastest growing economy in the world, the industry body said in a statement on July 21. The country is not sheltered from global volatilities, evident from the escalating inflation and increasing uncertainties in the financial markets, which is exerting a visible impact on India's growth outlook, it said. The survey forecasts for agriculture and allied activities to grow 3 percent in 2022-23, while industry and services sector are anticipated to grow by 6.2 percent and 7.8 percent. It projects the retail inflation at 6.7 percent for 2022-23 and expects the Reserve Bank of India's policy repo rate to be raised to 5.65 percent by the end of fiscal year 2022-23 from 4.9 percent.

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