New Delhi, 22 June (Hindustan Times). Global agency Fitch Ratings has raised India’s economic growth forecast. The agency has increased the forecast of gross domestic product (GDP) growth rate for the current financial year 2023-24 to 6.3 percent. Earlier, Fitch had estimated India’s growth rate to be six per cent.
The rating agency said on Thursday that the Indian economy is broadly strong. In the fourth quarter (January-March) of the financial year 2022-23, it has grown at the rate of 6.1 per cent. Due to this, for the current financial year 2023-24, we have increased the estimate of economic growth rate by 0.3 percent to 6.3 percent. India’s GDP growth forecast for the current financial year has been raised on the back of a better growth rate in the January-March quarter. Along with this, the agency has projected the growth rate of Indian economy to be 6.5 percent in FY 2024-25 and FY 2025-26.
It is noteworthy that earlier in March, Fitch Ratings had reduced India’s GDP growth forecast to 6 per cent from 6.2 per cent for the financial year 2023-24 in view of high inflation and high interest rates and weak global demand. India’s economic growth rate in the financial year 2022-23 has been 7.2 percent. In the financial year 2021-22, the country’s economy had grown at the rate of 9.1 percent.
