Fitch Ratings estimates India GDP growth for FY22 at 10%
Fitch Ratings has made changes in its GDP growth projection for India. as per Fitch, India’s GDP growth will be 10% in 2021-22 (FY22) prior to this, Fitch Ratings estimated a 12.8% GDP growth projection for India.
- In a report, the global rating agency has mentioned the challenges for the banking sector posed by the Covid-19 pandemic have increased due to a virulent 2nd wave in the 1st quarter of the financial year ending March 2022 (FY22).
India’s GDP growth forecast:
- RBI slashed India’s growth forecast to 9.5 percent for this fiscal, from 10.5 percent estimated earlier.
- S&P Global Ratings cut its growth estimate to 9.5 percent.
- Moody’s has projected a 9.3 percent growth in the current fiscal ending March 2022.
- World Bank slashed India’s GDP growth forecast for current fiscal ending March 2022 to 8.3 per cent, from 10.1 per cent estimated in April.
- ICRA projected India’s economic growth at 8.5 percent for this financial year,
- British brokerage firm Barclays cut India’s growth forecast to 9.2 percent.
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