GDP is estimated to Grow at a Rate of 7.4% in this Financial Year

On Sunday. Ficci released its  Economic Outlook Survey. According to this survey, the GDP of India is estimated to grow by 7.4 percent in the financial year 2022-23. It further informs that the Reserve Bank of India is likely to start a rate hike cycle in the second half of 2022, while a repo rate hike of 50-75 bps is expected by the end of the current fiscal. The repo rate is expected to remain unchanged to support the ongoing economic recovery by the RBI. The industry body in its statement said: ''The latest round of Ficci's Economic Outlook Survey puts forth an annual median GDP growth forecast for 2022-23 at 7.4 percent with a minimum and maximum growth estimate of 6 percent and 7.8 percent respectively.'' The agriculture sector is anticipated to grow at a rate of 3.3 percent this year. On the other hand, Industry and services sectors are estimated to grow by 5.9 percent and 8.5 percent, respectively.