Fitch pares India’s GDP growth forecast for this year to 6% from 6.2%
1 year, 7 months ago

Fitch pares India’s GDP growth forecast for this year to 6% from 6.2%

The Hindu  

Fitch Ratings has lowered its 2023-24 GDP growth forecast for India to 6% from 6.2%, citing headwinds from elevated inflation and interest rates along with subdued global demand, with the economy expected to rebound to 6.7% in 2024-25 as opposed to 6.9% projected earlier. While India will be one of the fastest-growing sovereigns rated by Fitch, bolstered by “resilient investment prospects”, the firm said this year’s growth will be slower than the 7% expected in 2022-23, as pent-up domestic demand induced by the pandemic will fade along with faltering global demand. Editorial | The growth math: On India’s growth prospects India’s rating reflects strengths from a robust growth outlook compared with peers and resilient external finances, which have supported India in navigating the large external shocks over the past year, Fitch said. “Future deficit reduction is likely to come mainly from trimming expenditure, in our view,” it said, adding that India’s general government debt remains elevated at 82.8% of GDP in 2022-23 and is likely to remain around 83% of GDP even in 2027-28.

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