INDIA’s ECONOMIC GROWTH EXPECTED TO DECLINE 5.7 PER CENT THIS YEAR

UNITED NATIONS, Oct. 3, 2022

From our Overseas Bureau

India’s economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021, a top U.N. agency projected today, citing higher financing cost and weaker public expenditures.

India’s GDP will further decelerate to 4.7 per cent growth in 2023, according to the forecast by the United Nations Conference on Trade and Development (U.N.C.T.A.D.) Report 2022.

India experienced an expansion of 8.2 per cent in 2021, the strongest among G20 countries. As supply-chain disruptions eased, rising domestic demand turned the current account surplus into a deficit and growth decelerated, the report said.