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CRISIL Slashes India’s FY23 GDP Growth

Published on November 23, 2022
Current Context: The credit rating agency, CRISIL, lowered India’s GDP growth forecast for 2022-23.
CRISIL Slashes India’s FY23 GDP Growth
  • CRISIL reduced India’s expected GDP growth rate from 7.3% to 7.0% for FY23.
  • The rating agency further added that the growth of India’s GDP will slow significantly to 6% in FY24.
  • According to CRISIL, the global slowdown impacting exports and industrial activity was cited as the primary reason behind the cut.
  • The agency also observed that long-term growth movements indicated India’s growth cycles to be remarkably synchronized since the 2000s with those of the advanced economies.
  • CRISIL is a credit rating agency that was established in 1987 with its headquarters in Mumbai. The current CEO of the company is Amish Mehta.

Question:

Q.1 According to the credit rating agency CRISIL, what will be India’s expected GDP growth rate for FY23?
a. 7.3%
b. 7.0%
c. 6.5%
d. 6.0%
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