Adani Enterp. 2544.35↑6.90(0.27%)
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NTPC 174.50↓0.00(0.00%)
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UltraTech Cem. 7721.85↑100.10(1.31%)
UPL 688.10↑12.30(1.82%)
Wipro 401.70↑7.60(1.93%)

Fitch Ratings cut India's FY22 economic growth forecast to 8.4%

It raised GDP growth projections to 10.3 per cent, from the earlier expected 10 per cent for the next fiscal year (2022-23)

Indivjal Dhasmana New Delhi

Premium

On the positive side, Fitch said recovery in domestic economic activity is turning increasingly broad-based

1 min read Last Updated : Dec 08 2021 | 10:59 PM IST

Fitch Ratings cut India’s economic growth forecast to 8.4 per cent, from the previous 8.7 per cent for the current fiscal year (2021-22, or FY22) on Wednesday.

The rating agency said risks to recovery remain, especially in the near term, given that less than one-third of the population is fully vaccinated. The newly discovered Omicron variant has added to the risk, it said.

However, the rating agency said the economy staged a strong rebound in the second quarter of FY22 from the Delta variant-induced sharp contraction. According to its estimates, gross domestic product (GDP) rose a sharp 11.4 per cent quarter-on-quarter in seasonally adjusted terms after slumping by 12.4 per cent in the first quarter.