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India's Economy Seen Losing Speed as Rising Rates Hurt Demand
RBI has increased interest rates by 250 basis points since May to tame inflation. Economists are projecting growth of 6.9% for the fiscal year from April 2022 to March 2023 — a tad below the government's prior 7% estimate and slightly higher than the International Monetary Fund's 6.8% projection. This suggests that consumption has weakened a touch.” With exports struggling on waning global demand and the government forging ahead with fiscal consolidation, Varma said rising borrowing costs will dent household budgets and, in turn, consumption. “Exports have slowed in the December quarter as the global economy hits the brakes,” said Pranjul Bhandari, chief India economist at HSBC Holdings Plc. “ India is poised to expand at the world's fastest pace in the fiscal year starting April, according to the IMF. Source: NDTV
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