Fitch Ratings

Indian economy to contract 10.5% in FY21 from -5% estimated earlier: Fitch

Indian economy to contract 10.5% in FY21 from -5% estimated earlier: Fitch

Fitch Ratings on Tuesday slashed India's FY21 growth projection to (-) 10.5 per cent, from (-) 5 per cent estimated earlier, saying the continued spread of the virus and imposition of sporadic shutdowns across the country has disrupted economic activity. In the first quarter of current fiscal India's gross domestic product (GDP) contracted by a massive 23.9 per cent. Fitch said India recorded one of the sharpest GDP contractions in the world in the April-June quarter, but noted that growth should rebound strongly in the July-September period…
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Fitch forecasts 9.5% growth for Indian economy in next fiscal, S&P retains sovereign rating

Fitch forecasts 9.5% growth for Indian economy in next fiscal, S&P retains sovereign rating

In a good news for India, Fitch Ratings said on Wednesday (June 10) that Indian economy would register a sharp growth rate of 9.5 per cent next year if it manages to avoid further deterioration in its financial sector. Fitch Ratings forecast a 5 per cent contraction in the GDP in the ongoing fiscal. "The pandemic has drastically weakened India's growth outlook and laid bare the challenges caused by a high public-debt burden," Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday. "After the global…
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