S&P Global Ratings has retained its economic growth forecast for India at 7% for the current fiscal and 6% for FY24. It has also maintained its forecast of 6.9% growth for the country in FY25. The rating agency, expects retail inflation to fall to 5% in the new fiscal from 6.8% in the current fiscal, but expects the Reserve Bank of India to hike rate following the recent spurt in inflation.