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Bad news on the economic front, UBS cuts GDP growth forecast for FY24

highlights

UBS India cuts India’s GDP growth forecast
Indian economy will grow at a slow pace of 5.5 percent in the next financial year
GDP growth estimated to be 6 percent in FY25

New Delhi. Bad news has come for India on the economy front. In fact, according to a report by Swiss brokerage company UBS India, India’s GDP growth rate may come down to 5.5 per cent in the next financial year 2023-24. It is estimated to be 6.9 percent in the current financial year 2022-23.

According to the report of economists of UBS India, the reason for this decline is slowdown in global growth and tight monetary policies. According to the report, India will be one of the ‘less affected economies’ in the world, but at the same time it was clarified that the world’s fifth largest economy will not be able to escape from global adversities.

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GDP growth estimated to be 6 percent in the financial year 2024-25
According to the news agency PTI, the report said, “Keeping in mind the impact of monetary tightening on domestic demand, we estimate that India’s growth rate will be lower in 2023-24.” We estimate that India’s real GDP growth rate will slow down from 6.9 per cent in FY 2022-23 to 5.5 per cent in FY 2023-24. It is estimated to be 6 percent in 2024-25.

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RBI has hiked interest rates by 1.90% since May this year
To control inflation, the Reserve Bank has increased interest rates by 1.90 per cent since May this year and this trend is expected to continue in the coming days. This may affect growth.

World Bank cuts India’s growth forecast for FY23 to 6.5%
Recently, the World Bank has reduced India’s growth forecast citing the deteriorating international situation. According to the latest estimates, the Indian economy will grow at a rate of 6.5 percent in the financial year 2022-23, which is one percent less than the estimate of June 2022. In a report released ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the bank said that the revival in India is stronger than in the rest of the world. India’s growth rate during the last financial year was 8.7 percent.

Tags: economy, GDP, GDP growth, India’s GDP, Indian economy

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