Fitch Ratings recently retained India's economic growth forecast at 7 per cent for this fiscal, saying the country could be one of the fastest-growing emerging markets this year. The projections for the next two fiscals, however, were cut, saying that though there is protection to some extent from global economic shocks, the country is not impervious to global developments.In its December edition of the Global Economic Outlook, Fitch projected India's gross domestic product (GDP) to slow to 6.2 per cent in fiscal 2023-24 (FY24) and 6.9 per cent in FY25.
The ratings agency had projected 7 per cent growth for this fiscal in September, followed by 6.7 per cent in FY24 and 7.1 per cent growth in FY25.
Fitch Ratings has retained India's economic growth forecast at 7 per cent for this fiscal, saying the country could be one of the fastest-growing emerging markets this year. The projections for the next two fiscals were cut, saying that though there is protection to some extent from global economic shocks, the country is not impervious to global developments#
The worldwide economic slowdown is expected to reduce demand for Indian exports, Fitch added.
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