S&P Global Lowers India’s Growth Forecast

Published on December 07, 2022
Current Context: S&P Global Ratings lowered India’s real GDP growth for the upcoming two fiscal years (FY) by 50 basis points (0.5%).
S&P Global Lowers India’s Growth Forecast
  • In its report titled, “Global Credit Outlook 2023: No Easy Way Out”, S&P Global Ratings cut the growth forecast citing a downturn in global demand.
  • According to it, the Indian economy is expected to grow by:
  1. 7.0% (earlier 7.5%) in FY23
  2. 6.0% (earlier 6.5%) in FY24
  • In the report, it mentioned that India’s domestic demand-led economy will be less affected by the global slowdown.
  • The rating agency also suggested that getting inflation under control while minimizing damage to output will remain the main macro policy challenge of India.
  • S&P Global Ratings is a credit rating agency that was established in 1860 with its headquarters in New York, USA. The current Presidents of the company are Martina Cheung and John L. Berisford.


Q.1 According to the credit rating agency, S&P Global Ratings, India’s expected GDP growth rate for FY23 is?
a. 7.0%
b. 7.3%
c. 7.5%
d. 7.7%

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