TIWN
New Delhi, May 9 : Fitch Ratings has reaffirmed India’s long-term foreign-currency issuer default rating (IDR) at ‘BBB-’ with a stable outlook, citing the country’s robust growth prospects and resilient external finances. India’s large domestic market and strong growth potential make it an appealing destination for foreign firms, but weak public finances remain a concern, the rating agency said.
It forecast that India will be among the fastest-growing Fitch-rated sovereigns globally at 6% in the fiscal year ending March 2024 (FY24), supported by resilient investment prospects. However, headwinds from elevated inflation, high interest rates, and subdued global demand, along with fading pandemic-induced pent-up demand, are expected to slow growth from the FY23 estimate of 7.0% before rebounding to 6.7% by FY25.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals