5 December 2022

New Delhi, India is likely to post a 0.5 % to 71 % economic growth during the current financial year 20 and rise In inflation and impending global slowdown, Deloitte In dia said in a report.

The persistent inflation has challenged policymakers over the past few months. Despite the Reserve Bank of India ( RBD ) raising interest rates by 19 percentage points since April 2002, inflation has remained above its tolerance range for over 9 months now.

To add to this, the runaway dollar is causing import bills to soar and further pushing inflation up. An impending global slowdown or even a recession in a few advanced nations as early as the end of 2022 or early next year is likely to make the situation worse.

grow 6.5-7.1 % in FY23: Deloitte
grow 6.5-7.1 % in FY23: Deloitte

” The seemingly unending saga of global economic dainties has begun to negatively impact India’s main drivers of growth. So volatile is the current economic environment that if one is looking for certainties from the recent data releases, it is unlikely that a consistent outlook will emerge, ” Deloitte said. Deloitte expects ” India to post a 65-71 % growth during FY22-23 ( April 2002 to March 2023 ) and 55-6.1 % the following year contingent on the revival of the global economy and improving economic fundamentals. ”

India’s GDP grew by 8.7 % in the 2021-22 fiscal year. ” We expect the upcoming festive season could give a much-needed boost to the consumer sector, which has not yet shown a sustained revival. Credit growth in the industry and services sector has also risen remarkably, suggesting that prospects for CAPEX investments by the private sector are brighter.

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