The latest economic outlook survey conducted by the industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has downgraded India’s GDP growth forecast to 7 percent for the current fiscal.

FICCI, in its previous survey held in April, had estimated a 7.4 percent growth. The survey, based on responses from economists, representing industry, banks and the financial services sector also highlights that geopolitical tensions in Ukraine, increasing uncertainties and the global financial markets will prolong the India’s economy’s recovery post the COVID pandemic.

The survey also highlights that inflation in India will moderate in the medium term.

To discuss this, CNBC-TV18 spoke to Subhrakant Panda, Senior VP, FICCI, and MD, Indian Metals & Ferro Alloys; and Sachchidanand Shukla, FICCI Economists Forum and Chief Economist, Mahindra Group.

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