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Fitch Ratings on Wednesday raised India's GDP growth forecast for the current fiscal year to 6.9 per cent, from 6.4 per cent, citing strong economic growth in the June quarter and overall economic resilience. According to Fitch, India's economic momentum is likely to moderate over the remaining fiscal year, prompting the Reserve Bank of India (RBI) to increase interest rates by 0.25 per cent in its October monetary policy meeting. A growth rate of 7.8 per cent in the June quarter indicates that the "Indian economy has shown resilience in the face of the shock from the US-Iran war, despite the strong terms-of-trade deterioration seen in the first half of 2026," Fitch said. It said that PMI survey data point to a slower pace of expansion in both manufacturing and services; below-normal monsoon rains will weigh on growth in agriculture and rural demand; and rising inflation will constrain real incomes and consumer dynamics. "Private investment prospects look more buoyant, and we expe
India and Belgium on Thursday agreed to significantly expand their cooperation in trade, defence, critical minerals, clean energy and technologies following Prime Minister Narendra Modi's wide-ranging talks with his Belgian counterpart Bart De Wever. In his media statement, Modi highlighted India recording a 7.8 per cent growth rate in the last quarter and said the country's economic rise was a source of confidence and new opportunities for the world. The Belgian prime minister described the conclusion of the India-European Union free trade pact as a major milestone, and said New Delhi and Brussels are building a relationship that is broad and more strategic than ever before. "Today, the world is passing through a phase of great upheaval. In many parts of the world, situations of conflict persist. Food, fuel or supply chains- uncertainty is affecting every sector," Modi said. "Even in this challenging environment, India's economy has maintained its momentum. In the last quarter, we