Fitch Ratings lowers India’s FY23 growth forecast to 8.5%
- Fitch Ratings has slashed India’s GDP growth forecast for the fiscal FY 2022-2023 to 8.5 percent in its Global economic Outlook-March 2022.
- Earlier this rate was estimated at 10.3%.
- The downwards projection is due to sharply higher energy prices because of the ongoing Russia-Ukraine war.
- The Rating agency Fitch has revised upwards the GDP growth forecast for the current fiscal FY 2021-2022, by 0.6 percentage points to 8.7 percent.
- GDP for FY22 – 8.7%
- GDP for FY23 – 8.5%
Source: Business Standard
Points to Remember:
- GDP Growth rate of India in FY 22 and FY 23 as per Fitch Ratings.