अब आप न्यूज्ड हिंदी में पढ़ सकते हैं। यहाँ क्लिक करें
cyfy
Home » IANS » Fitch raises India’s FY21 GDP forecast to (-) 9.4%

Fitch raises India’s FY21 GDP forecast to (-) 9.4%

By IANS
Published on :

New Delhi, Dec 8 (IANS) Global credit rating agency Fitch on Tuesday raised its FY21 GDP growth forecast for India by predicting a narrower economic contraction of (-) 9.4 per cent from an earlier predicted fall of (-) 10.5 per cent.

“We now expect GDP to contract 9.4 per cent in fiscal year to end March 2021, followed by (+) 11 per cent and (+) 6.3 per cent in the following years,” Fitch Ratings said in its latest Global Economic Outlook (GEO) for December.

“The coronavirus recession has nevertheless inflicted severe economic scarring. The need to repair balance sheets, increased caution about long-term planning, and firm closures will limit investment demand.”

Furthermore, it pointed out that increased financial-sector weakness – amid deteriorating asset quality – will hold back credit provision.

“The failure of another bank in recent weeks – the third failure in the past 16 months -underlines the challenges in the financial sector,” the December GEO said.

Recently, India recorded a faster than anticipated economic recovery.

The country’s GDP contracted 7.5 per cent in the July-September period, as the economy rebounded from a record slump of 23.9 per cent in the previous quarter due to slowdown caused by the coronavirus pandemic.

–IANS

rv/sn/vd

(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
(For more latest news and updates Like us on Facebook, Follow us on Twitter. Download our mobile app )

Latests Posts