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Rating agency Moody's cut India's growth projections for the current and next calendar year due to higher inflation, high interest rates and slowing global growth that, it believes, will dampen economic momentum more than it had expected.
Moody's said it now expects India's GDP growth to slow to 7% in 2022 –– versus its previous estimate of 7.7% –– and then decelerate to 4.8% in 2023, before recovering to around 6.4% in 2024. The Reserve Bank of India expects a 2022/23 growth of 7%.
