Moody's cuts India's growth forecast for the current year to 9.1 percent from 9.5 percent

Daily Current Affairs / Moody's cuts India's growth forecast for the current year to 9.1 percent from 9.5 percent

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Category : Business and economics Published on: March 19 2022

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Moody’s slashed India’s growth estimate for the current year to 9.1 per cent, from 9.5 per cent earlier, saying high fuel and fertilizer import bill could limit the government’s capital expenditure.
The global rating firm, which had raised India's GDP growth number for 2022 from 7% to 9.5% less than a month ago.
India was particularly vulnerable to high oil prices as it was a large importer of crude oil, although as a surplus grain producer, its agricultural exports could gain in the short term from the global high prices