"We expect India's growth to come in around 6-6.3 per cent in the first quarter of the current fiscal year, which remains relatively flat from the 6.1 per cent recorded in the final quarter of fiscal 2022-23," Fang said. India, he said, has a high growth potential and its credit strengths include a stable domestic financing base for government debt, as well as a sound external position. In an interview with news agency PTI, Moody's Investors Service Associate Managing Director Gene Fang said India has a relatively high level of general government debt at around 81.8 per cent of GDP for 2022-23, and low debt affordability.Īlso Read: India's GDP expected to clock 6-6.3% growth in June quarter: Moody's Recently, ratings agency Moody's estimated the Indian economy to clock a 6-6.3 per cent growth in the April-June quarter, while also flagging risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal. Of course, mainly driven by urban consumption," said CEA Nageswaran. It is almost as though the pandemic did not happen hurting consumption of households. “Private consumption has caught up with the pre-pandemic trend. Additionally, Chief Economic Advisor Dr V Anantha Nageswaran also lauded the 7.2 per cent growth recorded in the last fiscal and said that this is the first reliable estimate of GDP growth and ‘as more and more data become available, further revision will be for upside from 7.2 per cent.’
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