Fitch Ratings reduce India’s FY23 growth forecast to 8.5%

Fitch Ratings has slashed India’s GDP growth forecast for the fiscal FY 2022-2023 to 8.5 per cent in its Global economic Outlook-March 2022. Earlier this rate was estimated at 10.3%. The downwards projection is due to sharply higher energy prices because of the ongoing Russia-Ukraine war. The Rating agency Fitch has revised upwards the GDP growth forecast for the current fiscal FY 2021-2022, by 0.6 percentage points to 8.7 percent.

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With the Omicron wave subsiding quickly, containment measures have been scaled back, setting the stage for a pick-up in GDP growth momentum in the June quarter this year.

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