Rating agency Fitch revised India’s growth forecast for the current fiscal year to -9.4 percent. Fitch had previously had a 10.5 per cent decline in the Indian economy.
Fitch Ratings expects a 10.5 per cent decline in the Indian economy in the current fiscal year 2020-21. India’s gross domestic product (GDP) fell 23.9 per cent in the first quarter (April-June) of the current financial year. It is one of the highest figures in the world’s major economies. Strict lockdown was imposed in the country due to the corona virus epidemic. This is considered to be one of the main reasons for the collapse of the economy.
Fitch Ratings said GDP growth in the third quarter of the current fiscal year – October-December. However, there are clear signs that the pace of recovery in the economy remains slow and uneven.
“We have revised our estimates of GDP to -10.5 percent for the current fiscal year,” Fitch said. India’s economy forecasts a five percent decline compared to the global economic situation released in June. Fitch had previously forecast a five percent drop in India’s GDP in the current financial year.
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