Moody's lowers India's 2022 growth projection to 8.8 pct

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Moody's lowers India's 2022 growth projection to 8.8 pct

STORY: Moody's lowers India's 2022 growth projection to 8.8 pct DATELINE: May 27, 2022 LENGTH: 00:01:47 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of fuel station 3. various of people taking fuel into his vehicle 4. various of grocery super market 5. various of food item 6. various of wholesale market 7. various of traffic STORYLINE: Global credit rating agency Moody's on Thursday slashed India's economic growth projection to 8.8 percent for 2022 from its earlier projection of 9.1 percent, citing high inflation as the main reason. It said that the growth momentum at the end of 2021 had carried through into the first four months of this year. "However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead. Rate hike to prevent energy and food inflation from becoming more generalized will slow the demand recovery's momentum," it said in a statement. Moody's added that it has maintained the 2023 growth fo

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