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The rating agency ICRA has lowered its growth forecast for India's GDP in 2022-23 (FY23) to 7.2 percent. This rate was formerly set at 8%. The ICRA Ltd. anticipates 8.5 percent GDP growth in 2021-22 (FY22), which is lower than the National Statistical Office's official advance estimate of 8.9 percent.

Increased commodity costs and supply chain challenges as a result of the Russia-Ukraine conflict, as well as higher fuel and edible oil prices stifling demand owing to declining family incomes, were mentioned as explanations

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