Moody's ups India's GDP growth projection for 2023 to 5.5%

Moody's ups India's GDP growth projection for 2023 to 5.5%

Daily Current Affairs   /   Moody's ups India's GDP growth projection for 2023 to 5.5%

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Category : Business and economics Published on: March 03 2023

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  • Moody's Investors Service has raised India's economic growth estimate for 2023 to 5.5 percent from 4.8 percent pegged earlier.
  • India’s growth rate in 2023 is the highest among G20 countries, according to Moody’s projection. It’s followed by China with 5 percent growth and Indonesia with 4.8 percent. The US is expected to grow by 0.9 percent, the Euro area by 0.5 percent, Japan by 1.5 percent, and the UK by -0.4 percent.
  • According to government data released on Tuesday, India’s GDP growth declined to 4.4 percent in the December 2022 quarter as against 6.3 percent growth in the September 202 quarter.
  • Moody's now expects India's real GDP growth to be 5.5% in 2023, up from the earlier projection of 5%, and to be 6.5% in 2024.
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