|Fitch cuts India’s economic growth forecast for FY20 to 4.9% from 5.1%|
Fitch cuts India’s economic growth forecast for FY20 to 4.9% from 5.1%
The American credit rating agency, Fitch Ratings has cut India’s GDP (Gross Domestic Product) growth forecast to 4.9% from 5.1% for the fiscal year FY20 (2019-2020) ending March 31, 2020.
India’s GDP growth rate has come down to 4.7% in the third quarter (October-December) of the current fiscal, from 5.1% in the second quarter due to slower government consumption.
According to the Fitch Ratings manufacturing could come under pressure from weak domestic demand and supply chain disruptions due to the coronavirus outbreak.
India's GDP growth is forecast to recover slightly to 5.4 per cent in 2020-21 (April 2020 to March 2021).