Fitch pegs GDP growth at 7.8% for the fiscal

    GDP growth
    India’s real GDP growth is expected to be at 7.8 percent in the current financial year, up from 6.7 percent in the corresponding period in the last fiscal, Fitch rating agency, said, elaborating that in the prevailing economic scenario, the government may find it tough to meet its fiscal deficit target of 3.3 percent. India’s rating has also been kept unchanged at 'BBB-', the lowest investment grade with a stable outlook by the rating agency. There are several downside risks to India’s GDP growth forecast in the current fiscal and 'significant' risks to India’s macroeconomic outlook, it insisted. However, India’s growth is expected to decelerate to 7.3 percent in FY20 and FY21 due to risks from tightening financial conditions, high oil prices and said that medium-term growth outlook of India is strong. The agency claimed that the weak fiscal position continues to constrain India’s sovereign ratings but India is more resilient to external shocks than many peers. India's current account deficit is expected to stand at 3 percent of GDP in FY19 and 3.1 percent in FY20, and the Indian banks are not in a position to significantly spur loan growth, it added.
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