Rating agency Fitch declared fall in GDP growth forecast from 7.4% to 7.2%
Global rating agency Fitch has reduced India's GDP growth forecast from 7.4% to 7.2%. This estimate has been issued for the current financial year (2018-19). Due to high cost and low availability of cash in India, Fitch has reduced estimates
Growth Rate expected to be 7.1% in 2020-21
According to Fitch, India's growth rate is expected to be 7% in the next financial year (2019-20) and 7.1% in the year 2020-21. The rating agency released a 7.5% growth forecast for the year 2019-20.
Fitch said that the GDP figures of India are not as expected and the estimation has been reduced considering the lack of cash in the market. India's GDP rate measured at 7.1% in July-September. It was 8.2% in April-June.
Rating agency said that due to the general elections next year, it is expected that India's financial policies will continue to promote growth. According to Fitch, the rupee could fall to 75 against the dollar by the end of 2019.
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