Moody’s Cuts India’s Economic Growth Projections to 7% For 2022

Moody’s Cuts India’s Economic Growth Projections to 7% For 2022

• Moody’s Investor Services has lowered India’s economic growth forecast by 70 basis points to 7 per cent for the calendar year 2022. This is in line with the downward revision of the global growth forecast.
• This is not the first downward revision of the Indian economy, though all the revisions are for the fiscal year. International Monetary Fund (IMF) cuts India’s GDP forecast for the current fiscal (the year 2022-23 or FY 23) by 60 basis points to 6.8 per cent from 7.4 per cent estimated earlier. Before that, World Bank cut the forecast by 1 percentage point to 6.5 per cent, ADB by 50 basis points to 7 per cent, Fitch by 80 basis points to 7 per cent and RBI cut the forecast by 20 basis points to 7 per cent. S&P Global and OECD have maintained the forecast at 7.3 per cent and 6.9 per cent, respectively.

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Published date : 14 Nov 2022 03:17PM