Moody's Investors Service, seeing a stronger than expected economic recovery after the nationwide lockdown, has raised its previous GDP estimate for India for the fiscal year ending March 31, 2022 to 9.5% from a previous estimate of 7%.
For the financial year 2023 the rating agency has projected a GDP growth of 8.4% and 6.5% for financial year 2024. The Financial year 2023 projection has come in 60 bases point higher than the Reserve Bank of India's (RBI) forecast of 7.8%. Meanwhile, central government's Economic Survey report for 2021-22 anticipate a growth of 8-8.5% for financial year 2023.
Moody's Global Macro Outlook 2022-23 report suggest a firm economic momentum seeing retail activity, sales tax collection and Purchasing Managers Indices. Though, high oil price may put a drag on growth going forward.