The bending of light as it passes from one medium to another occurs due to a change in its speed. The ray bends away from the normal when it moves from a denser medium to a rarer one.
Since the ray bends away from the normal as it passes from Medium 1 (incident medium) to Medium 2 (refracted medium), this indicates that the speed of light in Medium 1 is greater than the speed of light in Medium 2. This is because light speeds up when moving into a less dense medium, bending away from the normal.
Thus, the speed of light is more in Medium 1.