S and P cuts India’s growth forecast to 7% for FY23

S and P Global Ratings on Monday cut India’s economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S and P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). “The global slowdown will have less impact on domestic demand-led economies such as India… India’s output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year,” S and P Global Ratings Asia-Pacific chief economist Louis Kuijs said.