IANS | 20 Nov, 2022
India may record a growth in the range of 6.5 per cent to 7.1 per cent
during the current financial year 2022-23 mainly due to rising inflation
and expectations of a global slowdown, Deloitte India said in a report.
Deloitte expects "India to post a 6.5-7.1 per cent
growth during 2022-23 and 5.5-6.1 per cent the following year contingent
on the revival of the global economy and improving economic
fundamentals."
India's gross domestic product (GDP) grew by 8.7 per cent in 2021-22.
"The
seemingly unending saga of global economic uncertainties 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 further said.
Constantly rising inflation,
which has remained above RBI's tolerance limit of 6 per cent for the
past 10 months has been a concern for the Government, despite the
central bank raising repo rate four times in the last six months.
In
addition to this, the dollar has constantly been rising while in
contrast the rupee has threatened to touch new lows, leading to costlier
imports.
The current geopolitical situation has also added to
the overall economic gloom and analysts have said that there are chances
of recession hitting a few advanced nations.
