Moody has said in its Global Metro Outlook 2022-23 report that the Indian Economy is recovering rapidly after the COVID-19 Pandemic and the second wave.
Where around the world Russia’s attack on Ukraine has created tension worldwide. Due to this, there is a decline in the stock markets worldwide, including India. Crude oil has crossed $100 per barrel, which is bad for India. But in the meantime, a piece of good news has come for India from International Rating Agency Moody’s Investors service. Moody’s has projected India’s growth rate to be 9.5% in the current financial year 2021-22. Earlier, the agency had estimated it to be 7 percent.
In its Global Metro Outlook 2022-23 report, Moody’s said that the Indian Economy is recovering rapidly after the Corona Pandemic and the second wave; Moody’s has projected the Indian Economy to grow at the rate of 8.4% for the fiscal year 2022. RBI has projected the Indian Economy to grow at 7.8% in 2022-23. Moody’s estimate is 60 basis points higher than RBI’s estimate.
According to Moody’s Investors Service, sales tax collection in India has picked up, retail activity is high, and PMI (Purchasing Manager Indices) is improving. However, Moody’s has said in its Global Metro Outlook report that due to rising fuel prices and supply disruptions, there may also negatively impact the Economy.
Published By: Khushboo Mehta
