S&P Global Ratings recently said that rising rates and increased European energy insecurity are hitting growth in almost every country, but India with an estimated 7.3 per cent growth this fiscal, would be the 'star' among emerging market economies. Emerging-market central banks have been ahead of their advanced-country counterparts in hiking policy rates, and in Latin America they are now near the end of their tightening cycles. As per the report, for the 16 emerging economies excluding China, 2022 GDP growth will hit 5.2 per cent this year, in our view. This forecast is up 30 basis points from our previous round. India is the star of this group with growth of 7.3 per cent this fiscal year (ending in March 2023).

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