Context

•   Recently, CRISIL has reiterated its December 2021 forecast of India’s gross domestic product (GDP) growth at 7.8% for the fiscal year 2022-2023. The ongoing geopolitical turmoil between Europe creates a dampening impact on global growth and pushes up oil and commodity prices.
• On the inflation front, CRISIL has opined that the average Consumer Price Index (CPI)-based inflation, will stay firm at 5.4% next fiscal.

About CRISIL

• CRISIL, a credit rating agency being introduced in 1988 by ICICI and UTI jointly with share capital from SBI , LIC, and United India Insurance limited.
• US-based credit rating agency S & P acquired the majority shares of this and became its parent company in 2005.
• Its headquarter is in Mumbai.
• Amish Mehta is the current CEO of CRISIL.
• CRISIL provides ratings, research, and risk and advisory policy services.