In the latest monetary policy review on 30th September 2022, Reserve Bank of India has hiked key policy rates by 50 basis points in the back drop of rising inflation. This will further increase interest rates on loans. RBI has also slashed the GDP forecast to 7% from 7.2% for the financial year 2022-23. Global uncertainty continues, financial conditions are tightening and fears of recession mounting. On the other hand, OECD and S&P have retained India’s GDP forecast for financial year 2023 at 6.9% and 7.3% respectively.
Source Taxguru
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