Motilal Oswal Financial Services (MOFS) has projected India’s real GDP growth for 2022-23 at 6.8 per cent. MOFS expects global monetary tightening to have serious consequences on growth in calendar year 2023 and financial year 2023-24. Growth for 2023-24 is forecast at 5.5 per cent. India’s nominal GDP growth is likely to soften to 9.4 per cent in 2023-24, as compared to an average growth of 13.6 per cent between 2003-04 and 2018-19.
On inflation, Motilal Oswal Financial Services stated that retail inflation in current fiscal is seen at 6.7 per cent, which may ease to 5.2 per cent in the next fiscal. Current account deficit (CAD) likely widened to 3.7 per cent of GDP in the June 2022 quarter and is expected to peak at 5.5 per cent of GDP in the September 2022 quarter, implying a decadal-high CAD at 3.8 per cent of GDP in 2022-23, it added.