Mumbai: American credit rating agency, Fitch Ratings raised India’s GDP growth forecast for current fiscal year 2023-24. The agency hiked the India’s economic growth to 6.3%. Earlier it predicted a growth rate of 6%.
‘India’s economy has been showing broad-based strength – with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months – and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent,’ the rating agency said.
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Fitch had in March lowered its forecast for 2023-24 to 6% from 6.2% citing headwinds from elevated inflation and interest rates along with subdued global demand. For 2024-25 and 2025-26 fiscal years, it estimated a growth of 6.5% each.
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