Fitch Ratings predicts that India s economic growth will slow in the third quarter, despite the country s resilience in the face of tighter monetary policy and weak exports. Fitch has maintained India s growth target for fiscal year 2024 at 6.3%. However, it warns that the deepening slump in China s property market is casting a shadow over global growth prospects. Fitch has raised its forecast for global growth in 2023 by 0.1 percentage point to 2.5%, but has cut its 2024 world growth forecast by 0.2 percentage points to 1.9%.
Updated Jan 14, 2021 | 12:42 IST
Fitch said the pandemic will have a lasting impact on the Indian economy where Covid-19 recession was the worst. India s economy to slow down to 6.5% in medium term after 11% FY22 rebound: Fitch | Photo Credit: BCCL
New Delhi: Global rating agency Fitch sees India s growth momentum slowing down in the medium term after a bounceback in the financial year 2021-22 (FY22) owing to a low base in the previous year.
After an initial strong rebound in FY22, India s growth will slow to around 6.5% a year over FY23-FY26, Fitch Ratings said on Thursday. We expect gross domestic product (GDP) to expand by 11 per cent in FY22 (April 2021 to March 2022) after falling by 9.4 per cent in FY21 (April 2020 to March 2021), it said.