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Fitch Ratings estimates India GDP growth for FY22 at 10%

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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Fitch Ratings estimates India GDP growth for FY22 at 10% 1
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