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Fitch raises growth forecast for India to 7.8% in 2018-19

26
Sep '18
Courtesy: Pexels
Courtesy: Pexels
Rating agency Fitch last week raised India’s growth forecast for fiscal 2018-19 to 7.8 per cent from the earlier 7.4 per cent. This revised projection is higher than the estimates by the Reserve Bank of India (RBI) and the government. However, it reduced its forecast for the next two fiscals by 20 basis points (100 basis points implies 1 per cent) to 7.3 per cent.

While the RBI estimate is 7.4 per cent, the Indian Government feels it could be 7.5 per cent. The International Monetary Fund (IMF) cut its projection to 7.3 per cent from 7.4 per cent and India Ratings also lowered its growth projection by 20 bps to 7.2 per cent.

Fitch noted that GDP grew very fast during the first quarter of current fiscal at 8.2 per cent exceeding the agency’s expectation of 7.7 per cent, according to Indian media reports.

However, the economic outlook is subject to several headwinds, including tightening of financial conditions, a rising oil bill and weak bank balance-sheets. (DS)

Fibre2Fashion News Desk – India


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