new Delhi. Rating agency Moody’s Investors Service has reduced India’s growth rate forecast for the calendar year 2022 (CY22) to 9.5% per cent. Moody’s had earlier given a growth rate estimate of 7 percent. The GDP growth forecast for 2023 has been retained at 5.5 per cent.
Moody’s has said in its report that the Indian economy is recovering rapidly after the Corona epidemic and the second wave. Moody’s estimate is 60 basis points higher than RBI’s estimate. RBI has projected the Indian economy to grow at 7.8 per cent in 2022-23.
According to the estimates released for the calendar year, growth can be 8.4 percent in FY 23 and 6.5 percent in FY 24. However, in the Central Government’s Economic Survey, 2021-22, a real GDP growth rate of 8-8.5 percent was projected for the next financial year, while the nominal GDP growth rate of 11.1 percent was estimated in the budget.
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Moody’s said in its Global Macro Outlook 2022-23 report on February 23, “Sales tax collections, retail activity and PMI in India indicate strength. However, rising fuel prices and supply constraints can have a negative impact on the economy.
Moody’s said, in this case, recovery in the contact-major services sectors in many other countries is sluggish, but it should accelerate as Omicron’s impact subsides. With the improvement in the situation of Kovid, the country is moving towards normalcy with the removal of most of the restrictions including the opening of schools and colleges.
Tags: GDP, GDP growth
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