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Fitch affirms India's sovereign rating at BBB- with stable outlook

Fitch said India's robust medium-term growth outlook is a key supporting factor for the rating

Fitch rating agency
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Fitch said it expects a gradual narrowing of the general government deficit to 9.2 per cent of GDP in FY24 and 8.7 per cent in FY25 on the back of continued declines in central government deficits

Asit Ranjan Mishra
The Fitch Ratings on Tuesday affirmed India’s sovereign rating at the lowest investment grade (BBB minus) with stable outlook holding that the country’s robust medium-term growth outlook is a key supporting factor.

“India's rating reflects strengths from a robust growth outlook compared to peers and still-resilient external finances, which have supported India in navigating the large external shocks during the past year. These are offset by India's weak public finances, illustrated by high deficits and debt relative to peers, as well as lagging structural indicators, including World Bank governance indicators and GDP per capita,” the rating agency said on Tuesday.

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