India’s GDP Growth Set To Moderate to 6.6% Amid Global Energy and Security Headwinds
India's GDP growth is projected to moderate to 6.6% in the current fiscal year from 7.1% due to global energy and security headwinds. The country needs to focus on energy and food security reforms to achieve the Viksit Bharat goal by 2047.
India's economy is expected to grow at a slower rate of 6.6% in the current fiscal year, down from the earlier estimated 7.1%. The slowdown is attributed to external economic shocks from energy supply disruptions, rising oil and gas prices, and currency volatility. S&P Global Ratings and Crisil have released a joint report stating that India needs to devise a comprehensive energy storage policy to create strategic buffers. The West Asia conflict has led to a rise in crude oil prices, stoking inflation fears. Crude prices soared to a four-year high of $126 per barrel on April 30. To deal with the crisis, India needs to become more competitive and implement reforms to take advantage of recently signed free trade agreements.
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