US credit rating agency Fitch Ratings has stated in its recent report that the Indian Economy is expected to hit a tremendous boom during the next financial year.Fitch Ratings, the world’s third-largest credit rating agency, said in its recent report that the Indian economy is expected to grow at a rate of 9.5 percent in the next financial year that is 2021-22.
The statement of Fitch Ratings released in a report on Wednesday. Fitch Ratings has predicted that the Indian economy may report a decline of up to 5 percent in the current fiscal year 2020-21. The cause of this major decline is most importantly the coronavirus pandemic that led to the severe lockdown across the nation. The Fitch Ratings issued an APAC sovereign credit overview on Wednesday which estimated the economies of the Asia-Pacific region.
According to the report, after the global crisis, the Indian economy will achieve higher growth rates than other countries in the “BBB” category. It stated that if India’s Financial sector does not go down by 2021-22 then it will witness a growth of 9.5 percent.
It stated, “The pandemic has drastically weakened India’s growth outlook and laid bare the challenges caused by a high public-debt burden.”
Fitch Ratings referred to the countrywide lockdown in India that was implemented on March 25. It stated that the country has the largest lockdown load, stopping almost all economic activities. The lockdown was then extended continuously which began to open from May 4 with some conditions. But the number of coronavirus cases in the country is continuously increasing.
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