Global rating agency Moody's Investor Service raised India's economic growth forecast to 6.7 percent in 2023 from 5.5 percent pegged earlier.

• It has, however, slashed India's 2024 gross domestic product (GDP) growth forecast to 6.1 percent from 6.5 percent earlier since the second quarter outperformance has created a high base this year.
• Strong services expansion and capital expenditures propelled India's 7.8 percent real GDP growth in the second quarter from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 percent to 6.7 percent, it said.
• On lowering the 2024 growth forecast, Moody's said, "Since the second quarter outperformance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5 percent to 6.1 percent."