Moody's ups India's growth projection for 2023 to 5.5% on higher capex Budget

New Delhi: Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum.

It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per



cent pegged in November last year.

In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022.