Economic growth projections in the recent budget appear ambitious taking into view the structural and cyclical challenges facing the Indian economy, Moody’s Investors Service recently said. The budget expects nominal gross domestic product (GDP) growth of 10 per cent in 2020-21, followed by 12.6 per cent and 12.8 per cent in the next two fiscals. But Moody’s saw GDP growth rising to around 8.7 per cent in the next fiscal from about 7.5 per cent in the current, according to a report.