Morgan Stanley Cuts India’s GDP Growth Estimates

Morgan Stanley cuts India’s GDP growth estimates, forecasts 7.2 percent in FY23: GDP Forecast.

Brokerage firm Morgan Stanley has reduced India’s annual GDP growth forecast to 7.2 percent for the financial year 2022-23.

According to this brokerage firm, the world’s major economies have been affected due to tough economic conditions and a slowdown in global trade.

According to a report by a news agency, the brokerage company has cut its first estimate of India’s GDP growth to 7.6 percent at a time when it stood at 4.2 percent in the April-June 2022 quarter.

The revised estimates are in line with the Reserve Bank of India (RBI) estimates. Morgan Stanley estimates annual GDP growth at 6.4 percent for the next year.

Central banks around the world have adopted a strict monetary policy to control rising inflation, due to which the possibilities of a possible economic slowdown have increased.

RBI (Reserve Bank of India) also increased the repo rate by 50 basis points last month.

India’s annual consumer price index-based inflation rate remained at a multi-year high during the past few months, with a slight moderation in June to 7.01 percent.

Morgan Stanley has predicted that the inflation rate in India will moderate further in the coming times.

In a report by a news agency, Morgan Stanley’s Chief India Economist Upasana Chachda has been quoted as saying that due to the softening prices of commodities and falling prices of domestic food items, we expect the inflation rate to decrease in India in the near future.

Cryptocurrency: RBI wants a ban on crypto, Finance Minister Nirmala Sitharaman said – global support is necessary to implement the law.

The Reserve Bank of India (RBI) has recommended to the government that it should make strict rules for cryptocurrencies and ban them.

Finance Minister Nirmala Sitharaman has given this information in Parliament. She said the government believes that any effective regulation or ban requires global cooperation.