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Fitch lowers India's FY23 GDP growth forecast to 7% from 7.8%

The ratings agency also cut its next fiscal year forecast for gross domestic product growth to 6.7 percent from the earlier estimate of 7.4 percent

September 15, 2022 / 10:31 AM IST
GDP

GDP

Fitch Ratings has slashed its growth forecast for India for the current fiscal year to 7 percent from the previous estimate of 7.8 percent.

The ratings agency also cut its GDP growth forecast for the next fiscal year to 6.7 percent from the earlier estimate of 7.4 percent, it said on September 14.

Fitch's latest growth estimate for FY23 is lower than the Reserve Bank of India's (RBI) forecast of 7.2 percent.

"The economy recovered in 2Q22 (April-June) with growth of 13.5 percent, but this was below our...expectation of an increase of 18.5 percent," Fitch said in an update to its Global Economic Outlook report.