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Fitch lowers India's growth forecast to 6.9% in 2017-18
Oct '17
Fitch lowers India
Due to poor outturns in 2017 first half and the gross domestic product (GDP) growth faltering in the April-June quarter, India’s economic growth forecast for the current fiscal has been lowered by Fitch Ratings to 6.9 per cent from 7.4 per cent. Non-performing loans on bank balance sheets could, however, dampen the outlook for credit growth and investment.

The credit rating agency expects economic activity to accelerate in the second half of this fiscal as the impact of demonetisation and the goods and services tax (GST) rollout, which had dampened growth in the short term, starts waning, according to a news agency report.

The global economy has improved markedly this year and is on course to recording its fastest expansion since 2010, Fitch said in its latest global economic outlook (GEO).

India’s GDP growth at 5.7 per cent in the April-June quarter, down from 6.1% in the previous year, is ‘the lowest outturn’ since early 2013, it said.

The manufacturing sector grew at a meagre 1.2 per cent year-on-year in that quarter. The primary sector also dampened growth, while construction and tertiary activity bounced back. On the expenditure side, net trade was a big drag on growth, with exports decelerating sharply.

Global growth has been upgraded to 3.1 per cent in 2017 from 2.9 per cent in June, and 2018 growth has been upgraded to 3.2 per cent from 3.1 per cent. (DS)

Fibre2Fashion News Desk – India

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