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Fitch Ratings, the US-based rating agency, downgraded India GDP growth forecasts for the next fiscal year (FY), i.e., for FY 2021/22.

Key quotes

“Cut India’s growth forecast for 2021-22 fiscal to 8% from 9.5% projected last month.”

“Maintained its projection of Indian economy contracting by 5% in the current fiscal.”

“In India, where authorities imposed one of the most stringent lockdowns globally to try to halt the spread of the virus, measures are being relaxed only very gradually; with a limited policy easing response and ongoing financial sector fragilities, we have pared our 2021 forecast to 8 per cent from 9.5 per cent in the previous GEO.”