Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth

A day after the National Statistical Office released the April-June quarter (first quarter, or Q1) of 2022-23 (FY23) gross domestic product (GDP) data, a number of banks and financial institutions slashed their economic growth estimates for the current fiscal year (FY23). These included State Bank of India (SBI), Goldman Sachs, Citigroup, and ratings agency Moody’s.

Citigroup sharply cut its FY23 growth projection to 6.7 per cent, from 8 per cent earlier, while Goldman Sachs revised it to 7 per cent, from 7.2 per cent earlier. Deutsche Bank said that slow growth may prompt the Reserve bank of India (RBI) to