Fitch lowers India GDP growth to 4.6% in FY20
Team Udayavani, Dec 20, 2019, 3:18 PM IST
New Delhi: Fitch Ratings on Friday cut India’s GDP growth forecast for 2019-20 fiscal year to 4.6 per cent on deterioration in business and consumer confidence.
It affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a Stable Outlook.
Fitch said growth will gradually recover to 5.6 per cent in FY21 and 6.5 per cent in the following year with support from easing monetary and fiscal policy and structural measures.
“Our outlook on India’s GDP growth is still solid against that of peers, even though growth has decelerated significantly over the past few quarters, mainly due to domestic factors, in particular a squeeze in credit availability from non-banking financial companies (NBFC) and deterioration in business and consumer confidence,” it said.
India’s rating, it said, balances a still strong medium-term growth outlook compared with ‘BBB’ category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Akhilesh Yadav attacks BJP on demonetisation anniversary
DeMo paved way for monopolies by devastating MSMEs, informal sector: Rahul on note ban anniversary
Comply with order allowing minority student to attend St Stephen’s College: HC tells DU
INDIA bloc looted, destroyed Jharkhand: Dharmendra Pradhan
Gujarat family holds burial event for ‘lucky’ car; 1,500 people attend
MUST WATCH
Latest Additions
Akhilesh Yadav attacks BJP on demonetisation anniversary
SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt
DeMo paved way for monopolies by devastating MSMEs, informal sector: Rahul on note ban anniversary
Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda
Comply with order allowing minority student to attend St Stephen’s College: HC tells DU
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.