Fitch Ratings cut Indias economic growth forecast for the current financial year starting 01st April 2019, to.....from its previous estimate of 7.00% on weaker than expected momentum in the economy.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Fitch Ratings cut India’s economic growth forecast for the current financial year starting 01st April 2019, to____from its previous estimate of 7.00% on weaker than expected momentum in the economy.

A	6.30%
B	6.50%
C	6.70%
D	6.80%

Explanation:

Detailed explanation-1: -Fitch Affirms India at ‘BBB-’; Outlook Stable. Fitch Ratings-Hong Kong-20 Dec 2022: Fitch Ratings has affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’ with a Stable Outlook. A full list of rating actions is at the end of this rating action commentary.

Detailed explanation-2: -Resilient, but Slowing, Economy: Sustained consumption and investment recoveries underpin Fitch Ratings’ GDP growth forecast of 7.0% in the fiscal year ending March 2023 (FY23).

Detailed explanation-3: -Fitch Ratings has retained India’s GDP growth forecast at seven per cent for 2022-23. However, GDP growth projection for 2023-24 and 2024-25 has been revised downwards to 6.2 per cent and 6.9 per cent, respectively.

Detailed explanation-4: -Given the stronger-than-expected outturn in the July-September quarter with GDP growth at 6.3 per cent, Fitch forecasts growth at 7 per cent in the financial year ending March 2023 (FY23).

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