Crisil Cuts GDP Growth Forecast To 7.3 Percent
Crisil cuts GDP growth forecast to 7.3 percent: GDP Growth Rate.
Domestic rating agency CRISIL has reduced its real GDP growth forecast to 7.3 percent in FY2023. Earlier, the agency had projected a growth of 7.8 percent.
The agency says that due to higher oil prices, lower export demand, and higher inflation, the GDP growth rate will decrease.
The RBI has also projected the real GDP growth rate to be 7.2 percent for the current financial year.
Crisil says that the growth rate in the current financial year is indicating that the growth rate in the current financial year is only due to the deep-connection services and forecast of a normal monsoon.
The agency says that in the financial year 22-23, the average inflation rate has increased to 6.8 percent. This has led to a decline in purchases and has created a crisis of recovery in consumption.
The fiscal deficit reached 12.3 percent at the end of May.
Let us tell you that due to higher expenditure, the fiscal deficit has reached 12.3 percent in the year-end budget target for the financial year 2022-23 at the end of May.
A fiscal deficit is a difference between government spending and revenue. This gives an indication of how much debt the government needs.
In the last financial year 2021-22, the fiscal deficit stood at 8.2 percent of the revised budget estimate in the same period.
The fiscal deficit is estimated at 6.4 percent of GDP.
According to the data released by the Controller General of Accounts (CAG), there was a fiscal deficit of Rs 2,03,921 crore till the end of May.
The fiscal deficit for the current fiscal was estimated at 6.4 percent of GDP, as against 6.71 percent in the previous fiscal year 2021-22.
Let us tell you that the whole world has been troubled by the high rate of inflation. The impact of the Kovid-19 pandemic and the Russia-Ukraine war seems to be affecting the global economy.
The economic crisis in Pakistan and Sri Lanka is deepening. Inflation has also worsened the condition of developed countries like America.
