Fitch cuts India’s FY-20 GDP growth forecast to 4.6 % from 5.6%

Fitch cuts India’s FY-20 GDP growth forecast to 4.6 % from 5.6%

Fitch cuts India’s FY-20 GDP growth forecast to 4.6 % from 5.6%

The American credit rating agency Fitch Ratings cut India’s GDP(Gross Domestic Product) growth forecast for fiscal year-FY 2019-20 to 4.6 % from the earlier estimate of 5.6%, on deterioration in business and consumer confidence.

It affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’ with a Stable Outlook.

According to the credit rating agency Fitch, India’s growth rate will be 5.6 % in FY 2020-21 and 6.5 % in FY 2021-22.