Moody's has raised India's CY23 growth forecast to 6.7% and its 2024 growth forecast to 6.1% from 6.5%, citing base effects from last quarter's strong growth.
Budget
Citing the strong services sector growth and capex surge that led to India’s 7.8% GDP growth in the April to June quarter, Moody’s Investors Service on Friday raised its 2023 calendar year growth forecast for India’s economy from 5.5% to 6.7%. However it also lowered its growth forecast for 2024 from 6.5% to 6.1%, citing base effects from the strong growth last quarter. “Given the robust underlying economic momentum, we also recognise further upside risk to India’s economic growth performance,” the rating major said in an update to its global macro outlook.
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