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India's GDP growth in FY23 to be 7%, FY24 at 6%: Acuite Ratings
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IANS | 20 Feb, 2023
Credit rating agency Acuite Ratings and Research on Monday reiterated
India's gross domestic product (GDP) growth estimate for FY23 at 7 per
cent.
It also anticipates the economic growth trajectory
in FY24 to slip to 6 per cent, which would still make India one of the
highest growth economies in the world.
According to the ratings
agency, the Indian economy has managed to withstand the headwinds rather
well over the last several months amidst a tough global environment.
"Domestic
growth impulses have gained strength, as urban consumption continues to
push demand for both goods and services with derivative support
accruing from the government capex cycle which has got a further boost
from the Union Budget 2023," Acuite Ratings said.
Private
investments remain somewhat confined, unsurprisingly in an environment
of heightened global uncertainty although the higher credit growth
reflects the start of a trickle, it said.
The rating agency also
said the breadth of domestic economic activity should continue to find
support in a healthy rabi harvest and improved rural demand, the
strength in services sector exports, pent-up demand in the travel and
the tourism sector along with the Central government's consistent focus
on pushing capital expenditure.
"Nevertheless, growing risks to
growth outlook emanate from the impending slowdown in global demand in
2023, with Dec-22 domestic export growth contraction of 12.2 per cent
YoY - i.e., the steepest contraction in two years, serving as a
harbinger of tougher times ahead," Acuite Ratings said.
Further,
the continuing rise in interest rates and a relatively tighter liquidity
environment may have a lagged impact on demand, it added.
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| Customs Exchange Rates |
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Import |
Export |
US Dollar
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UK Pound
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89.35 |
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