MUMBAI (Reuters) - Fitch Ratings raised its growth forecast for the Indian economy to 6.3% for the current fiscal year, from 6% earlier, on the back of robust growth in the first quarter and strong
While highlighting the economy's resilience and impending private sector investment growth, the ratings agency also highlights an uneven reform record of the Indian govt.
Capex was flat over FY19 to FY21 and grew 16% in FY22. The forecasts are for 8 state owned enterprises and 21 privately held Fitch-rated corporates in India.
The Securities and Exchange Board of India (SEBI) cancelled the certificate of registration of the credit rating agency due to repeated lapses in the functioning.
“This is a downward revision from our 8.5% forecast in March as inflationary impacts of global commodity price shock are dampening some of the positive growth momentum,” the ratings agency said.
The investor service said India's credit profile is increasingly constrained by low growth and high debt burden, which have been exacerbated by the pandemic.
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