The S&P Ratings Agency has downgraded India’s economic growth to 7.3 per cent on the back of record inflation.
The S&P added: “It is a matter of concern that inflation is continuing to peak. As a result, the Reserve Bank of India has been forced to raise interest rates on loans. This, in turn, will have a major impact on domestic employment and industrial production activities.
Moreover, the protracted Russia-Ukraine war is a setback to growth. Due to various such internal and external factors, the Indian economy is currently projected to grow at 7.3 per cent. The previous estimate was 7.8 percent growth.
S&P has forecast that the Indian economy will grow by 6.5 per cent in the next financial year.
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