Moody raised the India’s growth projections
On February 28, 2023, Moody’s released its global macroeconomic outlook, which included upgraded growth projections for several G20 economies, such as India, the US, China, Russia, and the Euro area, for the year 2023.
- Budget allocation to ₹10 trillion (3.3% of GDP) for the fiscal year 2023-24, up from ₹7.5 trillion for the fiscal year ending in March 2023.
- India's fiscal budget for the year 2023-24 has seen an upward revision.
- The capital expenditure budget allocation has increased to ₹10 trillion, which is 3.3% of GDP.
- This is a significant increase from the previous fiscal year's capital expenditure budget allocation of ₹7.5 trillion, which is set to end in March 2023.
As per Global India Manufacturing Purchasing Managers' Index (PMI), India's manufacturing sector showed growth in output and new orders for the 20th consecutive month in February.
The Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. A reading above 50 on the PMI index indicates growth in activity.
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