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Growth to slow in 2023-24, but India to remain among the 'healthiest' in G-20: Moody’s | MC Interview

Moody's expects India's GDP to grow by 5.6 percent in the next financial year, lower than its 6 percent estimate for the country's potential growth rate

January 24, 2023 / 09:10 AM IST
According to de Guzman, the upcoming elections will make it difficult for the government to undertake any meaningful tax reform.

According to de Guzman, the upcoming elections will make it difficult for the government to undertake any meaningful tax reform.

India's gross domestic product (GDP) growth is seen declining to 5.6 percent in 2023-24, although it will still be one of the best performing large economies in the G-20, said Christian de Guzman - senior vice president at Moody's Investors Service and primary analyst for India.

"This real growth forecast is still amongst the healthiest in the entire G-20. And we think potential growth can be sustained around 6 percent," de Guzman told Moneycontrol in an interview.

A GDP growth rate of 5.6 percent would be well below the government's first advance estimate of 7 percent for this year and the Reserve Bank of India's (RBI) forecast of 6.5 percent for next year.

According to the International Monetary Fund's latest forecast, the G-20 club of countries is seen growing 2.5 percent in 2023.