Express HuntExpress Hunt
  • HOME
  • POLITICS
  • SPORTS
  • BRAND STORIES
  • ENTERTAINMENT
  • OPINION
Search
  • Advertise
© 2022 Express Hunt . All Rights Reserved.
Reading: Fitch Cuts India’s GDP growth  rate prediction for this Fiscal Year to 6%
Share
Notification Show More
Latest News
Pappco Greenware India: Leading the Eco-Revolution in Food Packaging
May 20, 2025
Dreamworld Vacations  Launches All-Inclusive Family Holiday Packages in India for Memorable Getaways
May 15, 2025
Royal Savoy Holidays is Redefining Luxury Escapes: Ranked Among the Best International Tour Operators in India
May 15, 2025
Rosewood Worldwide Travel Launches India’s Most Exclusive and Rewarding Holiday Membership Program
May 15, 2025
How Mahavir Kumar and Nitish from IIT Kharagpur Are Building Beyond Career
May 13, 2025
Aa
Express HuntExpress Hunt
Aa
Search
  • HOME
  • POLITICS
  • SPORTS
  • BRAND STORIES
  • ENTERTAINMENT
  • OPINION
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Home » Blog » Fitch Cuts India’s GDP growth  rate prediction for this Fiscal Year to 6%
Businessnews

Fitch Cuts India’s GDP growth  rate prediction for this Fiscal Year to 6%

Rudrakshi Gupta
Rudrakshi Gupta
Last updated: 2023/05/10 at 6:05 PM
Share
3 Min Read
SHARE
representative Image

Fitch Ratings, the global credit rating agency, has revised India’s Gross Domestic Product (GDP) growth forecast for the fiscal year 2023-24 to 6% from its earlier estimate of 6.2%. This downgrade comes amidst the ongoing COVID-19 pandemic and its impact on the Indian economy.

The rating agency cited several factors for the downward revision of its growth forecast, including the slow pace of vaccinations, the resurgence of COVID-19 cases in the country, and the slow progress of economic reforms. Fitch also noted that the economic recovery has been uneven across different sectors of the economy, with some industries continuing to struggle due to supply chain disruptions and labour shortages.

The agency also highlighted the risks posed by a possible third wave of COVID-19 infections, which could further disrupt economic activity and delay the pace of the recovery. Additionally, Fitch warned that rising inflation could pose challenges for the Indian economy, leading to higher interest rates and slower growth.

Despite the downgrade, Fitch remains cautiously optimistic about India’s economic prospects, stating that the country’s long-term growth potential remains intact. The rating agency believes that India’s favourable demographics, large consumer market, and ongoing economic reforms will continue to drive growth over the long term.

India’s economy contracted by 7.7% in the fiscal year 2020-21, as the COVID-19 pandemic and the subsequent lockdown measures severely impacted economic activity. However, the country’s economy has shown signs of recovery in recent months, with GDP growing at a rate of 1.6% in the fourth quarter of 2020-21.

The Indian government has taken several steps to support the economy, including a massive stimulus package and various structural reforms aimed at improving the business environment. However, the pace of the recovery remains uncertain, and the country faces significant challenges in the months ahead.

In conclusion, Fitch Ratings’ downward revision of India’s growth forecast highlights the ongoing challenges facing the country’s economy as it continues to grapple with the COVID-19 pandemic. While the long-term outlook for the Indian economy remains positive, the short-term risks and uncertainties are significant, and policymakers will need to remain vigilant in their efforts to support the recovery.

You Might Also Like

Arisepedia: The Digital Encyclopedia Redefining Access to Knowledge

Arise Times: Redefining News with Innovative Digital Journalism

Arun Matheswaran’s “Captain Miller” Makes Waves at the Box Office

India vs England Test Series Kicks Off with Exciting Offers

Cult Leader and Associates Ordered for Mental Health Evaluations

TAGGED: Express hunt, Fitch ratings, GDP growth, India, News
Rudrakshi Gupta May 10, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp Email Copy Link Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Surprise0
Wink0
Cry0
Previous Article KARNATAKA TO HOLD POLLS TODAY
Next Article Canada expelled Chinese diplomat over Alleged  intimidation 
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

- Advertisement -
Ad imageAd image

Latest News

Pappco Greenware India: Leading the Eco-Revolution in Food Packaging
Brand Stories May 20, 2025
Dreamworld Vacations  Launches All-Inclusive Family Holiday Packages in India for Memorable Getaways
Brand Stories May 15, 2025
Royal Savoy Holidays is Redefining Luxury Escapes: Ranked Among the Best International Tour Operators in India
Brand Stories May 15, 2025
Rosewood Worldwide Travel Launches India’s Most Exclusive and Rewarding Holiday Membership Program
Brand Stories May 15, 2025
Follow US

© 2022-2024 Express Hunt . All Rights Reserved.

  • About EH
  • Privacy Policy
  • Get In Touch
  • My Bookmarks
  • Our Authors

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?