New Delhi: Moody’s Investor Services in a report revealed that India has lowered economic growth forecast to 7.7 per cent for the current fiscal year 2022.
The rating agency had claimed India’s growth rate to be 8.8 percent in the forecast made in May. The agency said that rising interest rates, lack of uniform monsoon and slowing of growth globally will hurt the pace of economic growth.
India’s GDP was 8.3 per cent in 2021, while in 2020, the growth rate of the Indian economy contracted to 6.7 per cent due to the Corona epidemic.