“India’s government has cut its forecast for economic growth for the fiscal year to its lowest since the pandemic, with economists saying even that may be too optimistic.”, — write: epravda.com.ua
India’s government has cut its forecast for economic growth for the fiscal year to its lowest since the pandemic, with economists saying even that may be too optimistic. Bloomberg writes about it. Gross domestic product is expected to grow by 6.4% in the year to March, the Statistics Ministry said on Tuesday, compared with 8.2% in the previous fiscal year. That figure is in line with the average forecast in a Bloomberg survey of economists, but slightly below the government’s forecast of 6.5% last month. The data reinforce fears that India’s world-record growth is slowing, making it harder to meet Prime Minister Narendra Modi’s ambitious goals of turning the country into a developed economy and creating jobs for the millions of young people entering the workforce each year. This fiscal year consumers cut back on spending after wages fell and inflation rose, while profits at some of the country’s biggest retailers took a hit. Household and business spending is about 60% of India’s GDP. The government also fell short of planned spending this year, in part because of an election that dragged on for several weeks, further dampening growth.