NEW DELHI: Moody’s Investors Service has revised its growth projection for India to 6.7% for the calendar year 2023, citing robust economic momentum. The growth forecast adjustment comes after the country experienced a significant expansion of 7.8% in real GDP during the second quarter (April-June) compared to the previous year.
“Strong services expansion and capital expenditures propelled India’s real GDP growth to 7.8% in the second quarter (April-June) from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5% to 6.7%,” Moody’s said in its Global Macro Outlook.
The report highlights the strong expansion of services and increased capital expenditures as key drivers behind India’s remarkable GDP growth. As a result, Moody’s has raised its growth forecast for the calendar year 2023 from 5.5% to 6.7%, demonstrating confidence in India’s economic performance.