S&P Global Ratings lowers India's FY23 GDP growth forecast to 7%

Says domestic demand recovery will support growth

The S&P Global Ratings on Monday pared down its FY23 economic growth forecast for India to 7 per cent from 7.3 per cent estimated in September. However, the rating agency maintained that domestic demand recovery would support growth in India.

“The global slowdown will have less impact on domestic demand-led economies such as India, Indonesia, and the Philippines. India’s output will expand 7 per cent in the fiscal year 2022-2023 (ending in March 2023) and 6 per cent in the next fiscal year, by our estimates,” the agency said.

“In some countries, the domestic demand recovery from Covid has further