Fitch cuts India’s FY22 GDP growth forecast to 8.7%
The Hindu
The projections for 2021-22 fiscal compares to a contraction of 7.3% recorded in the last financial year and a 4% growth in 2019-20
Fitch Ratings has cut India’s economic growth forecast to 8.7% for the current fiscal but raised GDP growth projection for FY23 to 10%, saying the second COVID-19 wave delayed rather than derail the economic recovery.
In its APAC Sovereign Credit Overview, Fitch Ratings said India’s ‘BBB-/Negative’ sovereign rating “balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors”.
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