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New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

New Delhi, Global rating agency Moody's has raised India's growth forecast to 6.7 per cent from 5.5 per cent for 2023. At the same time though, it has lowered the <keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword> forecast for 2024 from 6.5 per cent to 6.1 per cent. "Since the second quarter out performance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5 percent to 6.1 per cent. Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it said on Friday. Moody's 6.7 per cent growth forecast for 2023 is slightly higher than RBI's projection of 6.5 per cent for 2023-24. India has recorded a growth of 7.8 per cent in the first quarter of the current fiscal, which was lower than RBI's projection of 8 per cent for the April-June period of 2023-24.

Moody's raises India's GDP forecast to 6.7% for 2023

Moody's Analytics on Tuesday said <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s domestic economy, rather than trade, is its primary engine of growth and the slowdown in economic activity late last year will only be temporary. The government data released last week showed India's gross domestic product (GDP) growth slowed to a three-quarter low of 4.4 per cent in October-December,2022, mainly due to a contraction in manufacturing and low private consumption expenditure. While the manufacturing sector contracted by 1.1 per cent, private consumption expenditure slowed to 2.1 per cent in the October-December quarter of the current fiscal. In its report on emerging market outlook, Moody's Analytics said growth slowed substantially on a year-ago basis, with private consumption lagging overall GDP for the first time since the <keyword id="6383835" type="General" weightage="50" keywordseo="delta" source="Orion">Delta</keyword> wave of Covid-19 struck the economy in the second quarter of 2021. "Our take is that the slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale. On the external front, better growth in the US and <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>'s incipient recovery will propel India at the mid-year mark," it said. The US and Europe are India's largest trade partners and are important destinations for exports of business services. The slowdown in GDP growth in the December quarter was stark when compared to 11.2 per cent growth in the same quarter of last fiscal. In the current fiscal, the economy grew 13.2 per cent in the April-June quarter and 6.3 per cent in the July-September quarter. Moody's Analytics said India's domestic economy, rather than trade, is its primary engine, in contrast to most other emerging-Asia economies. "With this in mind we observe India's fourth-quarter performance with caution," it said. Sectors such as manufacturing and agriculture that are highly linked to private consumption spending either contracted or barely grew during the December quarter of the current fiscal. The normally faster-growing construction and retail and wholesale trade sectors came in somewhat hotter, though both lagged gains from earlier this year. "While high-interest rates have slowed the domestic economy and curbed imports, external imbalances have widened, putting pressure on the rupee and adding to inflation," Moody's Analytics noted. In the current fiscal (2022-23), the GDP is projected to grow by 7 per cent as per official estimates. This would require about a 5 per cent GDP expansion in the fourth (January-March) quarter. In 2021-22 the economy grew 9.1 per cent. In 2020-21 (The covid-impacted year), the economy contracted 5.8 per cent, while in 2019-20 the growth was 3.9 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/silicon-gold-and-copper-could-help-fight-covid-19-says-an-australian-study/articleshow/98475233.cms">Silicon, gold and copper could help fight Covid-19 says an Australian study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/from-raazi-to-mardaani-all-the-times-a-woman-shouldered-a-bollywood-film-to-success/slidelist/98452356.cms">From Raazi to Mardaani: All the times a woman shouldered a Bollywood film to success</a>

Slowdown in GDP growth late last year temporary: Moody's Analytics

<ul><li>There is a wide divergence in market consensus regarding Q2 GDP numbers to be released on November 30, said SBI Ecowrap. </li><li>On Monday, rating agency <a href="https://www.businessinsider.in/india/news/sp-cuts-indias-growth-forecast-to-7-for-fy23/articleshow/95821441.cms">Standard &amp; Poor’s </a>shared that it now expects India’s GDP to grow at 7% for FY23 as compared to the 7.3% it had estimated earlier. </li><li>India’s growth momentum will be affected by the fading effects of post-Covid reopening, coupled with higher borrowing costs, as per <keyword id="6361649" type="General" weightage="80" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword>. </li></ul>SBI Ecowrap has pegged India’s GDP growth rate for Q2 FY23 at 5.8%, much lower than the RBI’s estimate of 6.3%. The research report which was released late Monday, also said that this growth is shrouded in significant uncertainties. “There is a wide divergence in market consensus regarding Q2 GDP numbers to be released on November 30. Consensus estimates are at 6.1%. A range of 5.6%-6% is better than a point estimate,” the report said, which is using a new model to predict how the economy is growing, with a lag. As per its estimates of Q2 growth, its fiscal year growth estimates too stand at 6.8%, as compared to the popular consensus of 7%. “Overall, a sub 6% growth if it materialises in Q2, could imply that India is likely to have expanded at lower than the 7% benchmark. We however believe there is somehow a large disconnect between leading indicators and GDP growth since the onset of pandemic. Growth impulses continue to be strong and it may be better to look through the GDP headline numbers for a couple of quarters before arriving at a definitive conclusion about the growth trajectory,” said SBI Ecowrap. SBI’s commentary is in contrast to ICRA’s Q2 growth predictions that came on November 21, which pegs Q2 growth at 6.5% – half of the growth seen in Q1, but also ahead of RBI estimates. While the first quarter of FY23 exhibited double digit growth at 13.5%, it had missed estimates, sending many agencies to recalibrate their projections of the year. Apart from SBI and Citibank, RBI too had changed its annual growth estimates - leading many agencies to follow suit. On Monday, rating agency <a href="https://www.businessinsider.in/india/news/sp-cuts-indias-growth-forecast-to-7-for-fy23/articleshow/95821441.cms">Standard &amp; Poor’s </a>now expects India’s GDP to grow at 7% for FY23 as compared to the 7.3% it had estimated earlier. CRISIL estimates mirror S&amp;P’s – as it lowered from 7.3% to 7% – but over a week ahead of S&amp;P. CRISIL also expects FY24 growth to slow down further to 6%. Giving an early view of India’s pace of growth is export data. Hit by a global slowdown, Indian exports for the month of October shrunk by 16.6% to $29.78 billion as compared to last year, according to the Commerce Ministry. Imports grew by 5.5%, widening India’s trade deficit. Goldman Sachs believes 2023 will be tougher Goldman Sachs, which provides estimates for calendar years as opposed to fiscal years, which believes the pace of growth will slowdown in 2023. A couple of weeks back, it slashed GDP growth expectations to 5.9% next year, as compared to the 6.9% growth of 2022. India’s growth momentum will be affected by the fading effects of post-Covid reopening, coupled with higher borrowing costs, as per Goldman Sachs. “Growth will likely be a tale of two halves, with a slower first half as the reopening boost fades, and monetary tightening weighs on domestic demand. In the second half, growth is likely to re-accelerate as global growth recovers, drag from net exports diminishes, and investment cycle picks up,” said Goldman Sachs per a <a href="https://economictimes.indiatimes.com/news/economy/indicators/goldman-sachs-slashes-indias-gdp-forecast-for-2023-to-5-9/articleshow/95651040.cms">Bloomberg report</a>. Goldman Sachs expects the <keyword id="11929899" type="General" weightage="20" keywordseo="global-economy" source="Orion">global economy</keyword> to grow at 1.8%, as US resilience contrasts with a European recession, and a bumpy reopening in China. “Global growth slowed through 2022 on a diminishing reopening boost, fiscal and monetary tightening, China’s Covid restrictions and property slump, and the Russia-Ukraine war,” said a redacted version of Goldman Sachs report on November 16. In the second week of November, Moody’s too cut its <keyword id="162607" type="General" weightage="20" keywordseo="india-gdp-growth" source="Orion">India GDP growth</keyword> forecast for 2022 to 7% from its earlier estimates of 7.7%. The <a href="https://economictimes.indiatimes.com/news/economy/indicators/moodys-cuts-2022-growth-forecast-for-india-to-7/articleshow/95445091.cms">rating agency has cited rising inflation</a> coupled with high interest rates and a slowing global economy as the reasons behind the same. However, Moody’s pegged India’s GDP growth rate at 4.8% for 2023 – much lower than that of Goldman Sachs’ report. SEE ALSO <a href="https://www.businessinsider.in/india/news/exports-shrink-by-16-6-to-29-78-bn-in-oct/articleshow/95532058.cms">Exports shrink by 16.6% to $29.78 bn in Oct</a> <a href="https://www.businessinsider.in/india/news/sp-cuts-indias-growth-forecast-to-7-for-fy23/articleshow/95821441.cms">S&amp;P cuts India's growth forecast to 7% for FY23</a>

No end to downgrades in GDP estimates as economists remain divided on severity of slowdown

Moody's on Friday slashed <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s GDP growth projection to 7 per cent for 2022, saying that global slowdown and high domestic interest rates would dampen economic momentum. This is the second time in as many months that Moody's Investors Service has cut India's growth estimates for 2022. In September, it had cut the projection for the year to 7.7 per cent from 8.8 per cent pegged in May. "For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected," said the Global Macro Outlook 2023-24. Moody's expects growth to decelerate to 4.8 per cent in 2023 and then to rise to 6.4 per cent in 2024. The Indian economy grew 8.5 per cent in the 2021 calendar year, according to Moody's. As per official GDP estimates, the economy expanded 13.5 per cent in April-June 2022-23, higher than the 4.10 per cent growth clocked in January-March. GDP figures for the September quarter would be released at the end of this month. Moody's said the weakening of the rupee and high oil prices continue to exert upward pressures on inflation, which has remained above the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s tolerance level of 6 per cent for much of this year. Retail inflation increased to 7.41 per cent in September, while wholesale inflation remained in double-digit for the 18th straight month at 10.7 per cent. The central bank has hiked interest rates by 190 basis points between May and September to 5.90 per cent to contain inflation. Moody's expects the RBI to raise the repo rate by another 50 basis points or so as part of its objective to tame inflation and support the exchange rate. Eventually, the RBI will likely shift from inflation management to growth considerations, provided that the rate increase has the desired effect of taming inflation, it said. Moody's joins a host of agencies which have slashed India's economic growth projections for the current fiscal year (April-March) citing a slowdown in the global economy, the Russia-Ukraine war, rising interest rates and inflation. While the <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> has revised down its growth estimate for India by 100 basis points to 6.5 per cent, IMF has trimmed it to 6.8 per cent from 7.4 per cent. The Asian Development Bank too has cut its projection to 7 per cent, from 7.5 per cent earlier. S&amp;P Global Ratings revised its growth forecast to 7.3 per cent for the current fiscal year from 8.7 per cent. The RBI expects economic growth at 7 per cent for this fiscal year. Moody's said the underlying growth dynamics are fundamentally strong, boosted by a rebound in services activity. Government capital expenditure and manufacturing capacity utilization have also improved. September exports are down from the peak in March, but they are still around 30 per cent above the pre-pandemic level. Non-food credit growth shows solid momentum, it said. The private sector is now well-positioned to increase capex spending. Also, the <keyword id="8940266" type="General" weightage="50" keywordseo="production-linked-incentive-scheme" source="Orion">Production Linked Incentive Scheme</keyword> to attract investment in 14 key manufacturing sectors is showing results, the rating agency noted. "While these domestic strengths will continue to support the domestic growth narrative, global financial tightening and slowing external demand will pose downward pressure on growth in 2023," Moody's said. It said several mitigating factors will support growth in large emerging market economies. Domestic pent-up demand will continue to support reopening momentum. Services activity has rebounded strongly in countries, including India. "With demand in G-7 (group of 7 developed nations) countries weakening, large domestically driven emerging economies such as India and Brazil will likely be less vulnerable to slowing trade growth than will export-oriented countries," it added. Moody's said the global economy is on the verge of a downturn amid extraordinarily high levels of uncertainty amid persistent inflation, monetary policy tightening, fiscal challenges, geopolitical shifts and financial market volatility. Global growth will slow in 2023 and remain sluggish in 2024. Still, a period of relative stability could emerge by 2024 if governments and central banks manage to navigate their economies through the current challenges, Moody's added. It projected the GDP growth of G-20 economies to decelerate to 1.3 per cent in 2023, significantly lower than its previous estimate of 2.1 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medanta-hospitals-operator-global-health-to-announce-allotment-today-heres-how-you-can-check-allotment-status/articleshow/95436354.cms">Medanta Hospitals operator Global Health to announce allotment today, here’s how you can check allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinbase-to-lay-off-more-employees-amid-ftx-saga/articleshow/95444070.cms">Crypto exchange Coinbase to lay off more employees amid FTX saga</a>

Moody's cuts India's growth projection for 2022 to 7% on global slowdown, rising rates

<ul><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> has changed its projections twice on how the country’s economy will expand this financial year. </li><li>RBI’s predictions are a tad lower than that of multiple agencies like CRISIL, S&amp;P, Moody’s and SBI Ecowrap which expect India’s FY23 GDP to grow by 7%. </li><li>RBI predicts that the inflation for the current financial year will be at 6.7% and says the battle against inflation is not over. </li></ul>India’s central bank on Wednesday downgraded its <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> outlook for FY23 to 6.8% from 7% it had predicted in September this year. This is the second time that the RBI has changed its outlook on how the country’s economy will expand, from 7.2% it had expected during the start of the year. “A growth of 6.8% is considered very strong in the current context when the world economy is going through an acute slowdown,” said RBI governor Shaktikanta Das in his monetary policy committee statement as he announced a 35 basis point hike in the headline rate. Das added that in spite of the marginal revision, India would be amongst the fastest growing major economies in the world. The governor said that the second quarter GDP growth which came in at 6.3%, is in line with the central bank’s expectations. As per its central bank’s latest predictions, the third quarter GDP growth is at 4.4% and fourth quarter to grow at a pace of 4.2%. In the first quarter of FY24, it expects GDP to pick up pace at 7.1% before moderating to 5.9% in the second quarter of the next financial year. RBI’s predictions are a tad lower than that of multiple agencies like CRISIL, S&amp;P, Moody’s and SBI Ecowrap which have <a href="https://www.businessinsider.in/finance/news/no-end-to-downgrades-in-gdp-estimates-as-economists-remain-divided-on-severity-of-slowdown/articleshow/95847763.cms">recently downgraded India’s</a> FY23 GDP growth outlook to 7%. The Indian central bank’s outlook is also lower than that of the World Bank which <a href="https://www.businessinsider.in/india/news/world-bank-revises-indias-gdp-growth-forecast-upwards-to-6-9-for-fy23/articleshow/96023459.cms">had upgraded its outlook to</a> 6.9% on Tuesday. India's economy grew 8.7% in FY22. ‘Will continue to keep an Arjuna’s eye on inflation’ Reiterating his comments that he would continue to keep an Arjuna’s eye on inflation, as he predicts that the inflation for the current financial year to be at 6.7%. The inflation rate for the third quarter is projected to be at 6.6% and go down to 5.9% in the last quarter of the current financial year. Saying that the effects of ‘imported inflation’ are expected to remain high, he added that the battle against inflation is far from over. “The problem of inflation is not over, we will closely monitor the data and assess the situation and the outlook, and will be ready to act. Our actions will be nimble and in the best interests of the economy,” Das said. Economic activity has stayed strong, with urban consumption showing sustained growth, as seen in services consumption like travel, year on year growth in auto sales. Rural demand is also recovering as seen in tractor sales. The Rabi acreage sown is 6.8% higher than what it was last year, as of December 2. SEE ALSO <a href="https://www.businessinsider.in/finance/news/end-of-revenge-spending-urban-spending-to-taper-off-in-the-next-few-quarters-says-motilal-oswal/articleshow/96020912.cms">End of revenge spending? Urban spending to taper off in the next few quarters, says Motilal Oswal</a> <a href="https://www.businessinsider.in/finance/article/inflation-burns-a-hole-in-the-pockets-of-indias-lower-income-households-from-fmcg-goods-flip-flops-to-crackers-consumption-takes-a-backseat/articleshow/95536971.cms">Inflation burns a hole in the pockets of India’s lower income households. From FMCG goods, flip flops to crackers, consumption takes a backseat</a>

RBI downgrades FY23 GDP growth projections to 6.8% - lower than World Bank and other global agencies

New Delhi, Feb 4 () Moody's Investors Service on Tuesday said economic growth projections made by Finance Minister Nirmala Sitharaman in her Budget for 2020-21 appear ambitious given the structural and cyclical challenges facing the Indian economy.
The Budget expects nominal GDP growth of 10 per cent in the next fiscal , followed by 12.6 per cent and 12.8 per cent in FY22 and FY23, respectively.
"These forecasts appear ambitious given the combination of structural and cyclical challenges that the Indian economy faces," it said.
Even before the significant slowing in economic expansion in 2019, nominal GDP growth had averaged about 11 per cent over the five years from 2014 to 2018.
"We expect the economy to rebound at a more modest pace, with nominal GDP growth rising to around 8.7 per cent in fiscal 2020 and 10.5 per cent in fiscal 2021, from about 7.5 per cent in fiscal 2019," it said. ANZ ANZ BAL
BAL

Nominal GDP growth projections ambitious given structural challenges:Moody's

<ul><li>India’s <keyword id="44910" type="General" weightage="20" keywordseo="gdp-growth" source="Orion">GDP growth</keyword> for the April-June quarter came below estimates at 13.5% percent.</li><li>Rating agencies have trimmed their annual growth rate projections after the quarterly data was released by the government.</li><li>"We strongly believe that the estimation of manufacturing sector growth needs serious introspection in the sense that IIP is still indexed at 2012 base,” said SBI Ecowrap.</li><li>Analysts are worried that organizations may not go through with all the capex plans that they have announced.</li></ul>The GDP growth rate for the April-June quarter which came in at 13.5%, fell short of expectations. As a result, rating agencies already lowered their annual estimates, yet again. Most of the forecasts now believe that Indian GDP will grow at 7% or below. The Reserve Bank of India however believes that it will grow at 7.2%. SBI Ecowrap trimmed its estimates as it had expected April-June GDP to grow at 15.7%. "We strongly believe that the estimation of manufacturing sector growth needs serious introspection in the sense that IIP is still indexed at 2012 base," the report said. In addition to SBI Ecowrap, Citibank and Goldman Sachs too trimmed their projections. “Rising interest rates, uneven distribution of monsoons and slowing global growth will dampen economic momentum,” said Moody’s yesterday. It cut calendar year 2023 growth rate projections to 5.2%. This is the second round of trimming by agencies after seven of them slashed their growth rate projections after the Jan-Mar quarter data was released by the government. New set of downgrades <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Institution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GDP forecast cut FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citibank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td></tr></tbody></table> A lot has changed since the beginning of the year as many agencies hoped that <keyword id="113229" type="General" weightage="20" keywordseo="india-gdp" source="Orion">India GDP</keyword> growth would be above 7%. A big jolt to this belief came this May itself when the following projections have been trimmed. Downgrades after Jan-Mar quarter GDP data release <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Institution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GDP forecast cut FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moody’s </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% (Calendar year 2023) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">International Monetary Fund (IMF) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FICCI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Development Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRISIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.8% </td></tr></tbody></table> High inflation rate is worrying most analysts. “Growth challenges are likely to remain in FY23 and the K-shaped recovery is expected to continue. While many remain hopeful of a recovery in private sector capex, we remain skeptical as recent RBI data indicates that even as the number of projects announced for FY23 are higher than the previous year, the expected cumulative spend remains lower than the pre-pandemic levels,” said a report by YES Bank on August 31. Most analysts are worried that organizations may not go through with all the high capex plans that they have announced. They maintain a bias towards more downward revisions unless domestic inflation moderates or global commodity prices cool meaningfully. “Overall, it confirms that growth recovery is not so strong in India. It ideally implies that monetary tightening should not be very aggressive. However, it appears that the terminal repo rate will be 5.75-6% in this cycle with one or two more rate hikes, ending the cycle in December 2022,” said Nikhil Gupta, chief economist at Motilal Oswal Financial Services group. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/laxman-narasimhan-named-as-the-ceo-of-coffee-chain-starbucks/articleshow/93939910.cms">Laxman Narasimhan named as the CEO of coffee chain Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/recession-in-the-us-may-cool-off-attrition-in-it-sector-along-with-revenues/articleshow/93942471.cms">Recession in the US may cool off attrition in IT sector along with revenues</a>

Rating agencies revise GDP growth estimates yet again, most now peg it below 7%

<ul><li>The <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> on Friday cut its economic growth estimate for fiscal year 2023 to 7% from 7.2% forecast earlier.</li><li>India’s central bank has lowered its growth estimates due to constant geopolitical tensions, monetary policy tightening across nations and elevated inflation.</li><li>Several rating agencies have also recently trimmed their annual growth rate projections after GDP growth rate fell short of expectations in the past quarters.</li></ul>The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) on Friday cut its economic growth estimate for fiscal year 2023 to 7% from 7.2% forecast earlier. While it expects GDP growth to drop to 4.6% in the third and fourth quarter, respectively, from the estimated 6.3% in the second quarter, the broad expectation is that economic activity will recover by the first quarter of the next fiscal year. India’s central bank has lowered its growth estimates on risks emanating from geopolitical tensions, monetary policy tightening across nations and elevated inflation. Global growth is expected to slow down from 6.1% in 2021 to 3.2% in 2022 as the outlook is “gloomy and more uncertain,” <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said in his speech on Friday. “Against this challenging global environment, economic activity in India remains stable. While real GDP growth in Q1:2022-23 turned out to be lower than our expectations, the late recovery in kharif sowing, the comfortable reservoir levels, improvement in capacity utilisation, buoyant bank credit expansion and government’s continued thrust on capital expenditure are expected to support aggregate demand and output in H2:2022-23,” Das said. Markets reacted positively to the 50-basis-point rate hike on Friday, as the outlook for India is relatively better than most developed economies, which are expected to slip into recession in the aftermath of the massive rate hike cycle undertaken earlier this year. India’s been battling several of these risks, but with capital outflows abating and prices of several commodities cooling, the risk to the external sector has abated. India’s import cover stands at nine months, from 20 months a year ago. There’s been much talk about India’s decoupling from the rest of the world, with many believing that India is an oasis in the midst of a global sand storm. While there’s no doubt that India has been hit by the fallout of the war and rate hikes undertaken by central banks across developed markets, economic activity remains stable. The positive commentary by the RBI Governor helped cheer markets despite the rate hike. Inflation in India has been lower than the double-digit spikes seen in many other developed countries. The fight against inflation may call for more rate hikes by the RBI, but robust demand could save the day for economic growth. With rainfall coming in higher than the long-period average across most parts of India, higher rural consumption could provide a kicker to economic growth this festive season. According to Nomura’s India economist and vice president, Aurodeep Nandi, “The relatively unchanged growth and inflation outlook by the RBI indicates that the policy arithmetic hasn’t materially changed for it.” While the Indian economy continues to battle the aftershocks of the pandemic, war in Ukraine and aggressive rate tightening cycle in most developed markets, the havoc is still not as bad as it has been for many other economies. Real economic growth in the April-June quarter of the current fiscal year was at 13.5% on a year-on-year basis, surpassing the pre-pandemic level by 3.8%. This growth has been driven by private consumption largely and investment demand. High frequency indicators also suggest that the second half of the fiscal should continue to be buoyant. Not just the RBI, but several rating agencies have also recently trimmed their annual growth rate projections after the GDP growth rate fell short of expectations in the past quarters. “Rising interest rates, uneven distribution of monsoons and slowing global growth will dampen economic momentum,” said Moody’s while cutting growth forecasts on September 1. It cut calendar year 2023 growth rate projections to 5.2%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Institution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GDP forecast cut FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moody’s </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2% (Calendar year 2023) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">International Monetary Fund (IMF) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FICCI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Development Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRISIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table> With prices of most commodities coming off the highs seen during the first half of the fiscal year, markets are betting on a better second half. The RBI Governor echoed this sentiment on Friday in his speech. The August consumer price inflation remains elevated and above the upper tolerance band of the RBI, however, a good kharif crop and declining prices of most commodities could bring some respite to inflation. Das in his speech said: “The recent correction in global commodity prices including crude oil, if sustained, may ease cost pressures in the coming months. The inflation trajectory remains clouded with uncertainties arising from continuing geopolitical tensions and nervous global financial market sentiments.” Clearly, the battle against inflation is not over and more rate hikes are in the offing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-50-bps-taking-it-to-a-three-year-high-of-5-9-das-says-inflation-at-alarmingly-high-levels/articleshow/94550429.cms">RBI hikes repo rate by 50 bps, taking it to a three-year high of 5.9% – Das says inflation at ‘alarmingly high levels’ across jurisdictions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/e-commerce-sales-will-drive-credit-cards-spends-in-september-says-report/articleshow/94538013.cms">E-commerce sales will drive credit cards spends in September, says report</a>

You Searched For "moody s gdp projections" and got 9 results

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

ANI

Moody's raises India's GDP forecast to 6.7% for 2023

IANS

Slowdown in GDP growth late last year temporary: Moody's Analytics

PTI

No end to downgrades in GDP estimates as economists remain divided on severity of slowdown

Katya Naidu

Moody's cuts India's growth projection for 2022 to 7% on global slowdown, rising rates

PTI

RBI downgrades FY23 GDP growth projections to 6.8% - lower than World Bank and other global agencies

Katya Naidu

Nominal GDP growth projections ambitious given structural challenges:Moody's

PTI

Rating agencies revise GDP growth estimates yet again, most now peg it below 7%

Bhakti Makwana

RBI cuts FY23 GDP growth forecast to 7% as developed world heads into recession

Malini

Bhakti

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