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Fitch Ratings Retains India's Growth Forecast At 7%

The ratings agency cut the projections for the next two financial years, stating that India is not impervious to global developments

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Citing India as one of the fastest-growing emerging markets this year, Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal. 

However, the ratings agency cut the projections for the next two financial years, stating that India is not impervious to global developments.

Releasing its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 per cent in the current fiscal and slow to 6.2 per cent in 2023-24 and 6.9 per cent in 2024-25.

In September, Fitch had projected 7 per cent growth for the current fiscal, followed by 6.7 per cent in 2023-24 and 7.1 per cent growth in 2024-25.

Fitch said that India is expected to record one of the fastest growth rates among emerging markets in Fitch20 coverage this year.

"However, India is not impervious to global developments. The worldwide economic slowdown is likely to reduce demand for Indian exports," Fitch added.


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fitch ratings indian economy gdp growth