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International Monetary Fund: Earlier this week the IMF lowered its FY23 growth forecast for India to 8.2 per cent from 9 per cent.
The rating agency said the 7.6 per cent growth projection announced in January 2022, is unlikely to hold due to the global geo-political situation arising out of the Russia-Ukraine conflict.
- What is also noteworthy is the fact that even private final consumption expenditure (PFCE) is expected to have crossed pre-pandemic levels.
ByRoshan Kishore, New Delhi
The Indian GDP had expanded by 0.7 per cent in the corresponding quarter of the previous financial year.
While the fiscal deficit could be revised upwards modestly to 7.1 per cent from 6.8 per cent budgeted for in FY22, stronger nominal GDP growth will keep government on the deficit glide path announced in the current budget, Rahul Bajoria, managing director and chief economist at Barclays India, said.