Fitch cuts India’s FY22 GDP growth forecast to 8.4%
Fitch Ratings has cut India’s economic growth forecast to 8.4 percent for the current fiscal year but raised GDP growth projection for the next financial year to 10.3 percent. Fitch had in October forecast a GDP growth of 8.7 percent in 2021-22 (April 2021 to March 2022) fiscal and 10 percent in FY23.
Fitch Ratings is a leading provider of credit ratings, commentary, and research for global capital markets.
Fitch said in its Global Economic Outlook, “We have cut our FY22 (financial year ending March 2022) GDP growth forecast, to 8.4 percent (-0.3 pp). GDP growth momentum should peak in FY23, at 10.3 percent (+0.2 pp), boosted by a consumer-led recovery and the easing of supply disruptions.”
In June, the World Bank slashed its GDP growth forecast for FY22 to 8.3 percent, from 10.1 percent estimated in April, saying the economic recovery is being hampered by the devastating second wave of Coronavirus infections.
Domestic rating agency ICRA last month had projected economic growth at 9 percent for this financial year, while British brokerage firm Barclays had in May projected India’s growth at 9.2 percent.
While S&P Global Ratings lowered its growth estimate to 9.5 percent, another US-based rating agency Moody’s has projected a 9.3 percent growth in the current fiscal ending March 2022. For the 2021 calendar year, Moody’s has cut the growth estimate sharply to 9.6 percent.
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