According to the FICCI's Economic Outlook Survey (July 2022) India's economy is estimated to grow how much percentage in the current fiscal year?

Solution

FICCI's Economic Outlook Survey (July 2022) said India's economy is estimated to grow 7 per cent in the current fiscal, lower than the earlier projection of 7.4 per cent. It also said the policy rate of the Reserve Bank of India is expected to reach 5.65 per cent by the end of this fiscal. Currently, the policy rate (repo) is 4.9 per cent. The survey has projected an annual median GDP growth for 2022-23 at 7 per cent, with a minimum and maximum growth estimate of 6.5 per cent and 7.3 per cent, respectively. The survey has pegged the median forecast for CPI-based retail inflation rate at 6.7 per cent for 2022-23, with a minimum and maximum range of 5.4 per cent and 7 per cent, respectively. Gross domestic product or GDP is a monetary measure of the market value of all the final goods and services produced in a specific time period. FICCI Headquarters: New Delhi President: Sangita Reddy