New Delhi, PTI. Moody’s Investors Service on Tuesday estimated India’s GDP growth to be 9.3 per cent for the current fiscal year ending in March 2022. At the same time, the rating agency has estimated the country’s GDP growth to be 7.9 percent in the financial year 2023.

Rating agency Moody’s Investors Service said, “Economic activity will slow down due to the re-imposition of lockdown restrictions in many parts of the country, but we do not anticipate the severe impact of the first wave of the pandemic.”

The rating agency further said, ‘We expect economic activity to decline in the April-June quarter. After this recovery will come. As a result, real, inflation-adjusted GDP growth is expected to be 9.3 per cent in the fiscal year ending March 2022. At the same time, the GDP growth rate is expected to be 7.9 percent in the financial year 2022-23.

Let us inform here that the GDP figures of the country were released by the Ministry of Statistics and Program Implementation on Monday. According to the data, in the fourth quarter of the financial year 2020-21, the country’s growth rate stood at 1.6 percent. But in the financial year 2020-21, India’s economy registered a contraction of 7.3 percent.

In the data released by the ministry, it has been said that in the financial year 2019-20, the country’s growth was at four percent. As per the data, GDP stood at Rs 38.96 lakh crore in the fourth quarter of FY 2020-21. GDP stood at Rs 38.33 lakh crore in the March quarter of the financial year 2019-20. This shows an increase of 1.6 percent on an annual basis.