India govt forecasts 2022/23 economic growth of 7%
People walk at a crowded market amidst the spread of the coronavirus disease (Covid-19), in the old quarters of Delhi, India, April 6, 2021. REUTERS/Anushree Fadnavis/File Photo
India's economy is expected to grow 7% year-on-year in the financial year ending in March, the Ministry of Statistics said on Friday in its first estimate for the period.
That would compare to 8.7% growth in the previous year.
Earlier this year, economists cut their projections for India's growth for this fiscal year to around the latest government projection, citing slowing exports and risks of high inflation crimping purchasing power.
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Despite that, India is expected to remain the second-fastest growing economy –- lagging only Saudi Arabia -– among G20 countries, according to the Organisation of Economic Co-operation and Development (OECD).
