Fitch Ratings Revise India’s GDP Forecast 8.4 Percent Indian Economy Growth

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Indian Economy: Fitch Rating Agency has slashed India’s economic growth forecast for the current financial year ending March 31, 2022. The rating agency has reduced the estimate to 8.4 per cent. This has been done because the revival was less than expected after the second wave due to the Corona epidemic.

Growth will be from 10.3% next year
Let us tell you that the rating agency has increased the GDP growth forecast for the next financial year to 10.3 percent. Fitch had earlier in October projected the GDP growth rate to be 8.7 per cent in the fiscal year 2021-22 (April 2021 to March 2022) and 10 per cent in the financial year 2022-23.

contraction of 7.3 percent
There was a contraction of 7.3 percent in the economy in the financial year 2020-21 due to the impact on business activities due to Corona virus related restrictions. Fitch said in its Global Economic Outlook report, “India’s economy made a strong comeback in the third quarter (July-September 2021) of the financial year 2020-21 from a sharp contraction due to the delta nature of (coronavirus).”

fall in the second quarter
There was a sharp increase of 11.4 percent in GDP in the third quarter compared to the April-June 2021 quarter. GDP decreased by 12.4 percent in the second quarter. According to the report, “However, the revival was lower than our September estimates. The revival in the services sector was weaker than we had expected.”

Service sector will perform better
The rating agency said it expects the services sector to perform better with the lifting of most restrictions. Fitch said, “We have lowered our GDP growth forecast for FY 2021-22 (the fiscal year ending March 2022) to 8.4 per cent. GDP growth with consumer-led revival and easing of supply disruptions The pace should reach 10.3 per cent in the financial year 2022-23.”

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