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India’s FY23 Growth Forecasts Cuts to 7.6%

Published on May 14, 2022
Current Context: As per the Morgan Stanley Report the growth forecast of India for FY23 has been revised to 7.6% from 7.9% which is estimated earlier.
India’s FY23 Growth Forecasts Cuts to 7.6%
  • The factors that effects the growth forecast of India were a slowdown in global growth, higher commodity prices, and risk aversion.
  • According to a Morgan Stanley report, in Asia India is the only country that is exposed to the upside risk of inflation.
  • Apart from that, it has also projected the global growth at 2.9 % for the year 2022 which is below the half 6.2% of the previous year i.e 2021.
  • In fact, they also lowered the growth forecast from 7% (which was estimated earlier) to 6.7% for FY24.
  • CPI is also expected to maintain 6.5% for FY23.
  • Current Account Deficit has also widened to 10 year high i.e 3.3% of GDP(Gross Domestic Product) for FY23.
  • Apart from that world bank also reduced the growth forecast from 8.7% to 8% for FY23 in January citing reasons as uncertainties due to Russia-Ukraine War
  • The projections made by RBI (Reserve Bank Of India) have also been reduced from 7.8% to 7.2%.


Q.1 According to Morgan Stanley, consumer price inflation is maintained at what percentage for FY23?
a. 7.2%
b. 3.3%
c. 6.5%
d. 7.6%

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