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ICRA cuts India's FY23 GDP growth estimate sharply to 7.2% on Ukraine conflict impact

Domestic ratings agency ICRA on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 per cent to 7.2 per cent, primarily driven by the fallout of Russian invasion of Ukraine.

March 29, 2022 / 06:59 PM IST
Representative image

Representative image

Domestic ratings agency ICRA on Tuesday cut its FY23 real GDP growth estimate by a sharp 0.8 per cent to 7.2 per cent, primarily driven by the fallout of Russian invasion of Ukraine.

Its chief economist Aditi Nayar attributed the downward revision to elevated commodity prices and also fresh supply chain issues arising from the conflict in Ukraine.

It can be noted that the Reserve Bank expects FY23 GDP growth rate at 7.8 per cent.

The central bank is set to come out with the first bi-monthly monetary policy for next fiscal year in early April, when it will revisit the number.