India's economy to grow at 6.9% in FY23: OECD global macroeconomic report

The institution said that headline inflation is projected to ease gradually, though remaining above the central bank's upper tolerance limit of 6 percent throughout 2022 and 2023.

The Organization for Economic Cooperation and Development (OECD) on Wednesday pegged India’s FY23 economic growth at 6.9 per cent, the lowest by a  major bank or institution, saying the country had been adversely affected by Russia’s invasion of Ukraine.

“As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to slow to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and