Make this your homepage
Business News
Home > Business News
Fitch Ratings revises India's FY-21 GDP forecast to (-) 10.5%
TIWN
Fitch Ratings revises India's FY-21 GDP forecast to (-) 10.5%
PHOTO : TIWN

New Delhi, Sep 11 (TIWN) Global credit rating agency Fitch on Tuesday slashed its FY-21 GDP growth forecast for India further downward to (-) 10.5 per cent from (-) 5 per cent.

The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April – June 2020 period, when the GDP came in at a negative to 23.9 per cent year-on-year (YoY) - the worst performance in nearly four decades.  “The severe fall in activity has damaged household and corporate incomes and balance sheets, amid limited fiscal support. A looming deterioration in asset quality in the financial sector will hold back credit provision amid weak bank capital buffers. Furthermore, high inflation has added strains to household income,” Fitch said.

Add your Comment
Comments (0)

Special Articles

Saumen Sarkar Saumen Sarkar
Anirban Mitra Anirban Mitra