The country’s gross domestic product (GDP) is expected to grow 7.4 per cent in the current financial year 2022-23, according to the FICCI Economic Outlook Survey. It forecasts the growth for agriculture and allied activities at 3.3 per cent, while for industry and services sectors at 5.9 per cent and 8.5 per cent, respectively, during the fiscal year.

However, it said downside risks to economic growth remain escalated. “While the threat from the pandemic remains on fore, the continuation of Russia-Ukraine conflict is posing a significant challenge to global recovery.”

Industry body FICCI in a statement on Sunday also said that according to estimates provided by the Survey participants, global growth could slow by 50-75 basis points due to the conflict, further moderating the prospects of the post-COVID-19 recovery.

“The latest round of FICCI’s Economic Outlook Survey puts forth an annual median GDP growth forecast for 2022-23…

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