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CRISIL Cuts FY23 GDP growth estimate

Published on July 02, 2022
Current Context: Credit rating agency Crisil,  lowered India's actual GDP growth forecast to 7.3% in FY23 from 7.8% earlier.
CRISIL Cuts FY23 GDP growth estimate to 7.3% from 7.8% on high Inflation
  • They have lowered GDP by seeing downward revision to higher oil prices, slowing export demand, and high inflation.
  • Apart from that it also included high commodity prices, elevated freight prices, and the largest demand-side driver of private consumption.
  • Besides, inflation was pegged at 6.8% in FY23 compared to 5.5% in FY22, Which results in reduced purchasing power.
  • As per the report, the main factors for such a broad-based rise in Inflation are an increase in domestic food production, high international commodity prices, and input costs.
  • This will also create an impact on the currency, and the rupee is also recorded as very low at 79 against the US dollar.
  • In addition to that, it has been estimated that global crude to average between USD 105-110 per barrel in FY23, which is higher by 35 percent compared to last year.
  • Apart from that RBI is expected to hike the rate by another 75 basis points during the fiscal year.


Q.1 As per the CRISIL rating agency, the real GDP growth forecast for India reduced to ________ in FY23.
a. 7.3%
b. 6.1%
c. 7.2%
d. 7.5%
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