New Delhi, July 21 (UNI) Amid continuing geopolitical uncertainties and apprehensions of some of the major economies slipping into recession, industry body FICCI on Thursday projected the Indian economy to grow at 7 percent in the financial year 2022-23. The gross domestic product (GDP) growth is estimated at 14 percent and 6.2 percent for the first and second quarter of 2022-23, respectively.“Indian economy is not immune to global volatility, as is evident
from the deepening inflationary pressures and increasing uncertainty in financial markets,” said the industry body. During its Economic Outlook Survey (July 2022), participants pointed out that these factors are exerting pressure on India’s economic prospects and are likely to delay the recovery. The Survey pointed out that major risks to India’s economic recovery include rising commodity prices, supply side disruptions, and bleak global growth prospects with the
conflict prolonging in Europe.
“Growth forecast has been downgraded from the 7.4 percent estimate in previous survey round (April 2022) owing to geopolitical uncertainty and its repercussions for the Indian economy,”
