Fitch Cuts India's Growth Rating To 8.7%

India's economic growth forecast for the current fiscal year has been cut down to 8.7% by Fitch ratings. However, the ratings agency has increased the growth forecast for FY23 to 10% on account of delayed economic recovery. Fitch Ratings said “India's 'BBB-/Negative' sovereign rating balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors.”

Due to the sharp deterioration in the country’s public finances, the ratings agency said there is uncertainty over the debt trajectory. Fitch had in June cut the growth forecast from 12.8% to 10%. FICCI marginally revised its FY22 growth forecast for India to 9.1% from 9% estimated earlier. The upcoming festive season is expected to expedite economic recovery in the country and give momentum to economic growth.

The median growth forecast for agriculture and allied activities has been estimated at 3.2% while the industry and services sectors are projected to grow 12.9% and 8.6%, respectively, during the year, down from 12% earlier

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