Moody's lowers India growth estimate for CY22 to 9.1% on Ukraine conflict

Last month, the agency revised India's economic growth estimates in CY2022 upwards to 9.5 per cent from 7 per cent on stronger than expected recovery.

Rating agency Moody’s on Thursday scaled down India’s economic growth forecast by 40 basis points to 9.1 per cent in CY2022 due to adverse effects of the Russia-Ukraine conflict on the global economy.
 

Last month, it had revised India’s economic growth estimates in CY2022 upwards to 9.5 per cent from 7 per cent on stronger-than-expected recovery after lockdowns in 2020 and the Delta wave in 2021. Moody’s, in a statement, said India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. Because the country is a surplus producer of grain, agricultural exports