India's GDP 2022: India's GDP Growth forecast cut to 7 percent by FICCI Survey

 India's GDP 2022 India's GDP Growth read cut to 7 percent by FICCI Survey 

India's GDP 2022 The Federation of Indian Chambers of Commerce and Industry( FICCI) released its daily check on July 21, 2022. The check has slashed India's GDP growth cast to 7 percent from former7.4 percent in Fiscal Year 2022- 23. 

India's GDP cast for FY 2022- 23 by FICCI Survey is slower than RBI's protuberance of7.2 percent. The check noted that the war in Ukraine is likely to keep affectation high and dent consumer demand. 

 

The Reserve Bank of India( RBI) is anticipated to keep a close watch on the global developments to attack elevated affectation. 

FICCI Survey on India's GDP Growth Know in 5 Points 

 

1. According to the FICCI check, the Consumer Price Index is anticipated to remain above RBI's forbearance band till the third quarter of FY 2022- 23. 

2. The CPI may come within forbearance position after the fourth quarter of Fiscal Year 2022- 23. 

 

3. The periodic consumer affectation has been above the RBI's forbearance band of 2- 6 for six successive months to June. 

4. numerous experts anticipate RBI to raise the repo rate by 50 base points during its coming Monetary policy review meeting on August 4, 2022. 

 

5. RBI had increase policy repo rate by 40 base points to4.40 on May 4, 2022. This was the first increase in the policy repo rate by RBI since May 2020. 

6. The RBI Monetary Policy Committee also suggested unanimously to increase the policy repo rate by 50 bps to4.90 percent during its June review meeting. 

 

Major pitfalls to Indian Economic Recovery 

The major pitfalls to India's profitable recovery include- 

 

-Bleak global growth prospects 

- Rising commodity prices 

- force side dislocations 

- retardation in China