Morgan Stanley cuts India's GDP growth forecasts by 30 bps

Morgan Stanley has lowered its forecasts for India's GDP growth to 7.6% for FY23 and 6.7% for FY24, 30 basis points lower than the previous estimates. Both inflation and the country's current account deficit will likely get worse, it said. The report cited a global slowdown, surging oil prices and weak domestic demand as some of the reasons.