Global brokerage firm Morgan Stanley has lowered India's gross domestic product (GDP) growth forecast for the current financial year to 7.6 per cent citing high inflation and global slowdown.
The new growth projection is 0.30 per cent lower from the earlier forecast. The brokerage firm has also lowered India's GDP growth forecast for the financial year 2023-24 to 6.7 per cent, which is 0.30 per cent lower from its earlier projection.
In a research note, Morgan Stanley's chief economist for India Upasana Chachra said, "the key channels of impact will likely be higher inflation, weaker consumer demand, tighter financial conditions, the adverse impact on business sentiment, and a delay in capex recovery."
( With inputs from ANI )
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