Global credit rating agency Moody's Investors Service cut India's GDP growth projections for 2022 to 7% from 7.7%. "The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected," Moody's said. In September, it had cut projections for 2022 to 7.7% from 8.8% estimated in May.