Moody's Investors Service has downgraded India's growth forecast for calendar year 2022 from 9.5% to 9.1% and marginally pared growth hopes for 2023 from 5.5% to 5.4%, citing the global impact on growth due to the fallout from Russia's invasion of Ukraine.
The global rating firm, which had raised India's GDP growth number for 2022 from 7% to 9.5% less than a month ago, said it was now scaling down its global growth outlook and raising inflation projections in light of the spurt in commodities prices, supply shortages, business disruptions and the dented sentiment to geopolitical strife.
