Goldman Sachs lowers India's GDP forecast for 2023 to 5.9%
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India was the fastest-growing major economy in the last financial year. However, the country won't be able to sustain the same pace in 2023, says Goldman Sachs Group. Goldman economists attributed the contraction in growth in the next fiscal to a decrease in consumer demand. Goldman's slashed forecasted growth rate of 5.9% in 2023 is still better than Moody's Investor Service's predicted 5.2%.