Fitch cuts India GDP growth forecast for FY20 to 6.8%
Updated : March 22, 2019 12:17 PM IST
In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 percent from 7.2 percent projected in the December edition.
"While we have cut our growth forecasts for the next fiscal year (FY20, ending March 2020) on weaker than expected momentum, we still see Indian GDP growth to hold up reasonably well at 6.8 percent followed by 7.1 percent in FY21," Fitch said.
"The slowdown has been driven by cooling activity growth in the manufacturing sector and, to a lesser extent, agriculture. Weaker momentum has been mainly domestically driven," Fitch said.