The Reserve Bank of India s Monetary Policy Committee (MPC) expects India s GDP growth for FY24 to be 6.5%. The forecast for Q2 is 6.5%, Q3 is 6%, and Q4 is 5.7%. Inflation forecast was revised to 5.4% from 5.1% due to rising vegetable, cereal, and pulse prices. The World Bank maintained India s growth forecast at 6.3% for FY24 but revised inflation projection to 5.9%. Moody s Investor Service raised India s growth forecast to 6.7% in 2023. The rate-setting panel emphasized the need to monitor inflation due to the risk of El Nino and uneven rainfall.
A spate of agencies has slashed India’s GDP growth for the fiscal year to March 2023 following the release of GDP numbers, including Citigroup, Goldman Sachs, Moody’s and SBI.
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Fitch says it has further lowered India's GDP forecast for the fiscal year ending March 2022 (FY22) to 8.7 per cent from 10 per cent in June as a result of the severe second virus wave.