Mumbai: international agency, Moody’s Investors Service reduced India’s economic growth projection for 2022. The economic growth projection is slashed to 7.7%. Earlier in May, the agency forecasted India’s GDP growth rate at 8.8%. The economy grew by 8.3% in 2021 and contracted by 6.7% in 2020.
Moddy’s said that the rising interest rates, uneven monsoon, and slowing global growth will influence the economic growth rate of the country.
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‘Our expectation that India’s real GDP growth will slow from 8.3% in 2021 to 7.7% in 2022 and to decelerate further to 5.2% in 2023 assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis,’ Moody’s said.
As per official GDP estimates, the Indian economy grew 13.5% in April-June 2022-23. This is higher than 4.10% growth clocked in previous March quarter.
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