Moody's ups India's FY23 growth forecast to 8.4%; Fitch maintains 10.3%

Had predicted 7.9%; says oil & supply could spoil party

Moody’s Investors Service on Thursday upgraded its financial year 2022-2023 (FY23) growth forecast for the Indian economy to 8.4 per cent from the earlier estimated 7.9 per cent as the country moves to normalcy, post the removal Covid-19 restrictions. However, it cautioned that high oil prices and supply distortions could drag the growth down.

Fitch Ratings, on the other hand, maintained its earlier projection of 10.3 percent growth in FY23 compared to 8.4 percent estimated for FY22. Moody’s has estimated the Indian economy to grow at 9.3 percent in FY22, official data for which will be released on Monday. “Fiscal