Fitch affirms India's sovereign rating at 'BBB-'

Fitch forecasts India's real GDP growth to accelerate to 7.7% in FY17

Global rating agency Fitch Ratings has affirmed India's long-term foreign- and local-currency rating at 'BBB-'. The Outlook on ratings is stable.

India's sovereign ratings balance a strong medium-term growth outlook and favourable external balances with a weak fiscal position and difficult business environment, Fitch said in a statement on Tuesday.

However, the business environment is likely to gradually improve with the implementation and continued broadening of the government's structural reform agenda.

India's positive economic growth outlook stands out among peers. Real Gross Domestic Product (GDP) growth averaged 6.9 per cent over the five years to End-March 2017 (FY17), considerably higher than