India's growth rate to be 7.3 percent this year amid economic constraints: S&P

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AHMEDABAD: The S&P has estimated India's growth rate to be 7.3 amid fears that the relentless pace of increase in interest rates in the US as well as in India will stifle the country's economic growth.

S&P Global Ratings said in a report on Monday that India's economic growth is likely to be 7.3 percent in the current fiscal year. Apart from this, the rating agency has expressed apprehension that inflation may remain above 6 percent by the end of 2022. It may be mentioned here that the Reserve Bank of India has fixed the maximum inflation limit at 6 percent. However, inflation has been seen above this level for the last half year.

The rating agency said, 'We maintain India's growth forecast at 7.3 per cent for FY 2022-2023 and 6.5 per cent for the next financial year, but there is a downside risk to this estimate. S&P said in its economic forecast for Asia Pacific that India's growth next year will be supported by domestic demand growth.

Other agencies have recently cut India's GDP growth forecasts amid high inflation and rising interest rates. Earlier this month, Fitch Ratings cut its growth forecast for the current fiscal year to 7 percent from 7.8 percent previously. India Ratings and Research has also reduced its estimate from 7 percent to 6.9 percent.

The Asian Development Bank has reduced its forecast from 7.5 percent to seven percent. The Reserve Bank of India expects the Indian economy to grow at a rate of 7.2 percent in the current fiscal year (April-March).

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