With this financial year completing its fourth quarter and only fast quarter remaining this financial year. The year GDP growth rate is now projected by various rating institutions more accurately and this results in changes in the GDP growth rate of India as well. The changes in the forecasted GDP of India is positive and institution that projected Indian growth are well impressed by Indian economic performance even after facing serious consequences from uncontrollable factors affecting the economy that all know include corona pandemic and Russia Ukraine war that disrupted the world supply chain increasing inflation rapidly across the world. World bank recently projected India’s growth rate at 6.9%. This rate changed from 6.5% that too was a result of a change from the world bank from the projected growth rate of 7.5%. India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies, Auguste Tano Kouame, World Bank’s country director in India, said in the agency’s latest India Development Update.
Other institutions like Fitch ratings increased India’s growth of GDP to 7.0% stating that India is shielded to some extent from global economic shocks given the domestically focused nature of its economy, with consumption and investment making up the bulk of the country’s GDP. However, India is not impervious to global developments, the rating firm said.However, on the opposite side, the Moody rating agency has reduced India’s growth rate from 7.7% to 7%. All the projections are rectified or introduced after the Indian government released the data for FYQ3 2022. India is considered to be the fastest-growing emerging market and performing well and beyond expectations in some cases. However, India still has some issues its exports are decreasing and imports are increasing especially due to oil purchases.
