Fitch cuts India’s GDP growth rate to 6.6% in FY20
Monday,
17-Jun-2019
05:36 PM (IST)
Global rating agency Fitch on Monday cut India’s GDP growth rate forecast for FY20 by 20 bps to 6.6 per cent, even as it retained FY21 estimate at 7.1 per cent. Global rating agency Fitch on Monday cut India’s GDP growth rate forecast for FY20 by 20 bps to 6.6 per cent, even as it retained FY21 estimate at 7.1 per cent, TV news channel CNBC TV18 reported. Earlier this year, Fitch Ratings had slashed India’s growth forecast for the next financial year beginning April 1, to 6.8 per cent from its previous estimate of 7 per cent. It had then cited weaker than expected momentum in the economy behind the cut. “While we have cut our growth forecasts for the next fiscal year (FY20, ending in March 2020) on weaker-than-expected momentum, we still see Indian GDP growth to hold up reasonably well, at 6.8 per cent, followed by 7.1 per cent in FY21,” Fitch had then said in its Global Economic Outlook.
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