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Moody’s cuts GDP forecast to 7% from 7.7% – Occasions of India


NEW DELHI: World scores company Moody’s Buyers Service lowered India’s GDP progress forecast on Friday to 7% from 7. 7% for 2022, citing increased inflation, excessive rates of interest and slowing world progress.
Moody’s expects progress to decelerate to 4. 8% in 2023 after which to rise to round 6. 4% in 2024. It mentioned the downward revision additionally assumes that slowing world progress will dampen financial momentum by greater than what the company had beforehand anticipated.
Moody’s mentioned the weakening of the rupee and excessive oil costs proceed to exert upward pressures on inflation, which has remained above the RBI’s goal inflation vary (2%-6%) for a lot of this yr.
A number of companies, banks, brokerages and economists have lower India’s GDP progress forecast for the present monetary yr. The federal government and the RBI anticipate the financial system to develop by 7% this fiscal yr.





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