OECD, S&P keep India's economic growth forecasts unchanged for FY23

S&P noted that India's domestic recovery from Covid-19 would continue to support growth in FY23

Amid slowing external demand for Indian goods and services, the Organisation for Economic Cooperation and Development (OECD) and S&P on Monday kept their growth forecasts for India unchanged at 6.9 per cent and 7.3 per cent, respectively, for FY23 while highlighting growing downside risks.

S&P in its latest outlook for Asia-Pacific said it saw a strong rebound in India as services consumption continued to recover and investment grew robustly.

“Softer external demand is a factor in India’s projected slowdown from 8.7 per cent annual growth in FY22 to around 7 per cent in FY23 and around 5.75 per cent in