India's FY23 growth seen at 7.3% with downside risks – IDFC First Bank

India's FY23 growth seen at 7.3% with downside risks – IDFC First Bank

India's economy (INGDPQ=ECI) is expected to grow 7.3% in the ongoing financial year to March, but downside risks from global growth slowdown and tightening in financial conditions seen, IDFC First Bank says.

** The private lender expects economy to grow 15.5% in April-June, led by recovery in services sector, and partly reflect supportive base effect

** India to release economic growth data for fiscal Q1 on Aug. 31; economy grew 4.1% year-on-year in January-March

** "Trade, Hotel and Transportation services is likely to see a faster pick-up with individual mobility indicators remaining above pre-pandemic levels and consumption expenditure shifting from goods to services," India economist Gaura Sen Gupta says in a note

** The bank expects manufacturing growth to be in positive after contracting in January-March