25 YEARS IN INDIA: LEADING WITH IMPACT

Macro Indicators India's FY23 GDP forecasted to grow between 7% to 8.2% YoY; most projections revised downwards during Apr-May '22 India GDP growth forecast for FY23 (YOY,%) Dec'21-Jan'22 ADB Feb-Mar'22 Apr-May'22 7.5 ICRA 7.2 UBS 7.0 India Ratings 7.6 India Ratings 7.2 RBI 7.2 Citibank 7.5 UBS 8.2 ICRA 7.2 Crisil 7.8 Citibank 8.3 Nomura 7.4 RBI 7.8 World Bank 8.7 ADB 7.5 Nomura 7.8 ICRA 9.0 Morgan Stanley 7.6 Morgan Stanley 7.9 IMF 9.0 World Bank 8.0 Moody's 8.4 Fitch 10.3 Fitch 8.5 IMF 8.2 7.5% to 10.3% 7.2% to 8.5% 7.0% to 8.2% Data as of 18th May'22; Estimates likely to be revised further No change Downward revision Upward revision Note: Upper-limit has been included where agencies reported forecast range. Latest forecasts considered in case of revision by agency within same month Source: Analyst reports, BCG analysis 4 Copyright 2020 by Boston Consulting Group. All rights reserved.

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