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India’s Growth Rate | Fitch retains India’s growth forecast for the current fiscal at 7%

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New Delhi. Credit rating agency Fitch Ratings has retained India’s economic growth forecast for the current financial year (2022-23) at seven percent. It said that India could be the country with the fastest economic growth among emerging markets this year. However, the rating agency has reduced the GDP (Gross Domestic Product) growth rate estimate for the next two financial years. It said that though the country has been able to insulate itself from global economic shocks to some extent, it cannot remain completely insulated from global movements.

Fitch said in the December issue of the Global Economic Outlook that the country’s GDP growth rate will be seven percent in the current financial year. At the same time, it is expected to slow down to 6.2 percent in 2023-24 and 6.9 percent in 2024-25. Earlier, in the month of September, the growth rate was expected to be seven percent in the current financial year, 6.7 percent in the next financial year and 7.1 percent in 2024-25.

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Fitch said that in view of the better condition of the economy, the growth rate in the current financial year is expected to be seven percent. “India is likely to remain one of the fastest growing emerging market economies in our Fitch 20 range,” it said.

Fitch said that the nature of India’s economy is largely household-centric. Consumption and investment are major contributors to the country’s GDP. This has enabled the country to cope with global economic shocks to some extent. The rating agency said, “However, India cannot remain completely insulated from global developments. Global economic slowdown is expected to reduce demand for Indian exports. (agency)

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