Fitch cuts India GDP forecast for FY22 to 8.4%

New Delhi: Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4 percent for the current fiscal year ending March 31, 2022, but raised GDP growth projection for the next financial year to 10.3 percent.

Fitch had in October forecast a GDP growth of 8.7 percent in 2021-22 (April 2021 to March 2022) fiscal and 10 percent in FY23.

”We have cut our FY22 (financial year ending March 2022) GDP growth forecast, to 8.4 percent (-0.3 pp). GDP growth momentum should peak in FY23, at 10.3 percent (+0.2 pp), boosted by a consumer-led recovery and the easing of supply disruptions,” Fitch said in its Global Economic Outlook.