Indian economy is expected to grow at 7.3 per cent in calendar years 2019 and 2020, the US-based rating agency Moody’s said on Friday.

In its quarterly Global Macro Outlook for 2019 and 2020 released today, the agency said the country is less exposed to a slowdown in global manufacturing trade growth than other major Asian economies and emerging markets and is poised to grow at a relatively stable pace in the two years.

Moody’s said the announcement in Interim Budget 2019-20 on direct cash transfer programme for farmers and the middle-class tax relief measures will contribute a fiscal stimulus of about 0.45 per cent of GDP.

Moody’s growth estimates are based on the calendar year. India, however, measures its economic growth on the basis of the fiscal year from April to March.