INDIA‘S GDP REPORTS

Ø   INDIA‘S GDP REPORTS

Ø   Fitch Ratings cut India‘s economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy. The rating agency has also cut growth forecasts for FY20 and FY21 to 7% from 7.3% and 7.1% from 7.3%, respectively.

Ø   India Ratings & Research (A Fitch Group Company) lowered the country‘s growth forecast for the current fiscal to 7.3%, from the earlier projection of 7.5 %.

Ø   The country‘s median GDP is forecast at 7.1% for Financial Year 2020 and 7.2% for Financial Year 2021. The industry body FICCI‘s economic outlook survey stated that the minimum and maximum growth estimate stood at 6.80% and 7.3% for 2019-20.

Ø   Faitch Solutions, the research arm of Fitch Group, projected the government's fiscal deficit to overshoot the budgeted target by 0.2% to 3.6% of GDP in 2019-20 fiscal. Accordingly, Fitch Solutions revised its forecast for the central government fiscal deficit to come in at 3.6% of GDP in FY 2019-20, from 3%.

Ø   The World Bank retained its forecast of India‘s growth rate at 7.5% for the current financial Year 2019-20. In its Global Economic Prospects report.

Ø   In its latest Global Economic Outlook, the global rating agency Fitch lowers India‘s growth forecast from 6.8% to 6.6% for the current fiscal, as manufacturing and agriculture sectors showed signs of slowing down over the past year. Fitch also retained its GDP growth forecast for the next fiscal (2020-21) at 7.1% and 7.0% for 2021-22