Fitch maintains India’s economic growth forecast at 6.3 percent. Loktej Business News
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New Delhi, 14 September (HS). Global rating agency Fitch Ratings has maintained India’s economic growth rate estimate for financial year 2023-24 at 6.3 percent. The rating agency has made this estimate in its September update report released on Thursday.
Fitch Ratings has retained India’s gross domestic product (GDP) growth rate at 6.3 per cent for the current financial year 2023-24 in the Global Economic Outlook updated report. The agency has said in its latest report that despite the tight monetary policy and weakness in exports, the Indian economy is showing flexibility.
According to Fitch, it has overtaken other countries in terms of growth. However, the agency has raised its year-end inflation forecast due to the threat of El Nino. In its report, the agency said that high frequency indicators suggest that the pace of growth rate is expected to slow down in the July-September quarter.
It is noteworthy that according to the data released by the government, the Indian economy has grown at the rate of 7.8 percent in the April-June quarter of the current financial year 2023-24 due to strong service sector activity and strong demand.
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