Mumbai: International rating agency, Moody’s Investors Service hiked the economic growth estimate of India for 2023. The economic growth projection of the country is increased to 5.5% from 4.8%. It however revised downwards India’s growth estimate for 2022 to 6.8% from 7% pegged in November last year. The Global Macro Outlook 2023-24 released by the agency revealed this.
The agency in its report raised the baseline 2023 real growth projections for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkey.
Also Read: Commodity Market: Gold price edge higher for third day in a row
‘In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure budget allocation to Rs 10 trillion (3.3% of GDP) for fiscal year 2023-24, up from Rs 7.5 trillion for the fiscal year ending in March 2023,’ Moody’s said while projecting a 70 basis points increase in 2023 real GDP growth at 5.5% and 2024 growth at 6.5%.
Earlier the International Monitory Fund (IMF) had projected India to grow at 6.1% this year. Last week, IMF Managing Director Kristalina Georgieva hailed India for its reforms and said it alone has the potential to contribute 15% of the global growth in 2023.
Post Your Comments