The Indian economy is predicted to grow by 7.8% in 2022-23, owing to the government's push for infrastructure spending and a likely increase in private capital expenditure, according to rating agency Crisil.

However, the rating agency warned that the ongoing Russia-Ukraine conflict and rising commodity prices constitute a risk to growth. In the current fiscal year, which ends March 31, the country is predicted to grow at an annual pace of 8.9%. "Any gains from the early end of a modest third wave of COVID19 infections will be outweighed by the continued geopolitical tensions resulting from Russia's invasion of Ukraine, which is depressing global economy and driving up oil and commodity prices. Growth risks are likewise skewed to the downside "It was stated.

Due to limited direct fiscal policy assistance, private consumption remains the weak link, according to Crisil Chief Economist Dharmakirti Joshi, who released the 'India Outlook, Fiscal 2023' report. He predicted that average CPI-based inflation will remain stable at 5.4 percent next fiscal year, assuming that crude oil prices average USD 85-90 per barrel and that the excise duty cuts proposed last year are implemented.

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