Nomura cuts 2023 GDP forecast for Indian to 4.7%

Nomura has cut its 2023 forecast for economic growth in India to 4.7% from its earlier projection of 5.4% amid recession fears and rising interest rates.

Reason: Higher inflation, monetary policy tightening, dormant private capex growth, the power crunch and the global growth slowdown.

Retail inflation rate of India – the CPI has been recorded 7.01% as compare to 7.04% in May, the sixth consecutive month that the CPI inflation has remained above RBI set limit.