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India GDP growth at 9.3 per cent in FY22: Moody’s

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Moody’s Investors Service has pegged India’s GDP growth at 9.3 per cent in the current fiscal ending March 2022, while projecting 7.9 per cent growth in FY23.

“We expect a decline in economic activity in the April-June quarter, followed by a rebound, resulting in real, inflation-adjusted GDP growth of 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in fiscal 2022-23,” the rating agency said in a statement.

“The reimposition of lockdown measures along with behavioural changes on fear of contagion will curb economic activity, but we do not expect the impact to be as severe as during the first wave,” it added.

Pointing out that the Covid-19 pandemic will leave new economic scars and deepen pre-pandemic constraints, Moody’s expects real GDP growth to average out at about 6 per cent over the longer term.