India’s 2023 growth prediction has been increased by global rating agency Moody’s from 5.5 to 6.7%.
However, it has also reduced the GDP prediction for 2024 from 6.5 to 6.1 percent.
“We have reduced our 2024 growth prediction from 6.5 to 6.1 percent since the second quarter’s outperformance establishes a strong foundation in 2023. We also see further upside risk to India’s economic growth performance given the strong underlying economic momentum, the report stated on Friday.
The RBI’s estimate of 6.5 percent growth for 2023–2024 is somewhat lower than Moody’s prediction of 6.7% growth for 2023.
India’s growth in the first quarter of the current fiscal year was 7.8%, which was less than the RBI’s forecast of 8% for the April–June period of 2023–24.