Moody’s ups India’s growth forecast to 5.5%

New Delhi, March 2

Moody’s Investors Service on Wednesday raised India’s economic growth estimate for 2023 to 5.5% from 4.8% pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum.

It, however, revised downwards India’s growth estimate for 2022 to 6.8% from 7% pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody’s raised the baseline 2023 real growth projections “meaningfully” for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022. “In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure Budget allocation to Rs 10 trillion, up from Rs 7.5 trillion for year ending in March 2023,” Moody’s said.

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