Mumbai: International rating agency, Moody’s Investors Service has raised India’s growth forecast. The GDP growth forecast is increased to 9.5% from 7%for the calendar year 2022. The US based agency said that the economy of the country has recovered from the national lockdown of 2020 and the second wave of the Covid-19 pandemic.
The GDP growth forecast for 2023 has been retained at 5.5%.Moody’s predicted that the country will have 8.4% growth in fiscal year 2022-23 and 6.5% growth in fiscal year 2023-24. However, high oil prices and supply distortions may affect the economic growth.