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Moody's changes the calendar of fiscal year 2023, increasing India's growth rate estimate to 6.7 percent
Moody's Investors Service on Friday changed India's growth rate estimate. India's growth rate in the first quarter of the current financial year has been recorded at 7.8 percent. After this growth rate, Moody's estimated that India's growth forecast for the 2023 calendar year could increase to 6.7 percent. Let us know about it in detail in this report.
Moody's Investors Service on Friday changed India's growth forecast. India's growth forecast for calendar year 2023 may increase by 6.7 percent due to the country's strong economic momentum. Moody's has given this information in its Global Macro Outlook.
He said in his Global Macro Outlook that a strong services sector and capital expenditure helped the first quarter growth rate to reach 7.8 percent. In such a situation, the growth forecast for the calendar year 2023 has been increased from 5.5 percent to 6.7 percent. In this, he also recognizes the risk of going ahead for India's economic growth performance, given the strong underlying economic momentum.
The improved Q2 performance builds a higher base in 2023, according to Moody's. In such a situation, Moody's has reduced the growth forecast for the year 2024 from 6.5 percent to 6.1 percent.
India's monsoon season, which runs from June to October, may also see below-average rainfall. As a result, food prices may increase. The India Meteorological Department has projected a nationwide rainfall deficit of 9 percent by 29 August 2023.
