Fitch India Ratings Again Reduces GDP Growth To 4.6 Percent in FY20: Rating agency Fitch India has slashed India’s GDP estimate once again. Fitch has predicted a growth rate of 4.6 percent for the financial year 2019-20, amidst the government’s efforts to overcome the slowdown in the economy. At the same time, it is estimated to be 5.6 percent for 2020-21 and 6.5 percent for 2021-22.
Fitch Ratings lowers India GDP growth to 4.6%, says business confidence weakeninghttps://t.co/C9YXzAz9bS
— Business Today (@BT_India) December 20, 2019Advertisement
Reduced Rating by Fitch India:
Fitch has also lowered the ratings to a BBB-stable outlook. Fitch had previously estimated GDP at 4.7 percent. The Indian economy grew at 5 percent in the April-June quarter of this year, the lowest since 2013. Now if the estimate of 4.7 percent growth in the second quarter of the current financial year is correct, then it will be the sixth consecutive quarter for the first time since 2012 when there will be a slowdown. The government has recently taken several steps like reduction in corporate tax to speed up the economy.
Earlier amendments to GDP were also done:
The rating agency said in a statement, ‘India Ratings and Research have revised its growth estimate for FY20 to 5.6 percent. This is the fourth amendment by him and a month earlier, the GDP estimate for FY20 was reduced to 6.1 percent. ‘
The agency said, “It was necessary to do so, as data shows that the previous estimate of more than 5 percent in the second quarter is unlikely to be achieved.” The new estimates indicate that the growth rate in the second quarter of FY20 maybe 4.7 percent. ”The second-quarter GDP figures are expected to be released on Friday.
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