Debt Mutual Fund Strategy

Classification - Restricted Multilateral agencies expect weak global growth going forward, driven by tightening monetary conditions... ...While India would still be one of the fastest growing economies in the world GDP Growth % Global GDP Growth Projections by Multilateral Agencies 4.0% 3.6% 3.5% 3.2% 3.2% 3.0% 3.0% 3.0% 2.9% 2.9% 3.0% 2.8% 2.7% 2.7% 2.7% 2.4% 2.5% 2.3% 2.2% 1.7% 2.0% 1.5% 1.0% 0.5% 0.0% OECD 6 Moody's Fitch Ratings IMF ■CY22 (Earlier) ■CY22 (Revised) ■CY23 (Earlier) ■CY23 (Revised) Confidential/Restricted Source: Media Reports GDP Growth Projections (%) India's GDP Growth Projection by Multilateral Agencies 9.0% 8.2% 8.0% 7.8% 8.0% 7.4% 7.5% 7.2% 6.8% 7.0% 7.0% 6.5% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% IMF World Banks RBI ■FY23 (E) April FY23 (E) July FY23 (E) Oct Source: Media Reports HDFC BANK HDFC BANK RESEARCH We understand your world Classification - Restricted

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