New Delhi: Moody’s Investors Service on Thursday raised India’s growth forecast to 9.5 per cent for the calendar year 2022 and to 8.4 per cent for the coming fiscal beginning April 1, even as it flagged high oil prices and supply distortions as a drag on growth.
Stating that the economic recovery from the first and second Covid wave in 2020 and 2021, respectively has been stronger than expected, Moody’s said Goods and Services Tax (GST) collection, retail activity and Purchasing Managers’ Index (PMI) suggest ‘solid momentum’.
“We have raised our 2022 calendar year growth forecast for India to 9.5 per cent from 7 per cent, and maintained our forecast for 5.5 per cent growth in 2023.
