Fitch, another rating agency lowers India’s GDP growth forecast
DSIJ Intelligence / 29 Nov 2016
Fitch Ratings is yet another ratings agency that has lowered India’s GDP growth forecast for the current fiscal. Fitch Ratings has pegged the new growth forecast at 6.9 per cent down from 7.4 per cent. ICRA is another rating agency which has reduced its GDP growth forecast to 7.4 from the previous 7.8 per cent.
Fitch Ratings is yet another ratings agency that has lowered India’s GDP growth forecast for the current fiscal. Fitch Ratings has pegged the new growth forecast at 6.9 per cent down from 7.4 per cent. ICRA is another rating agency which has reduced its GDP growth forecast to 7.4 from the previous 7.8 per cent.
Fitch Ratings has explained that there will a temporary disruption in economic activity due to demonetisation. The US-based rating agency further claimed that the economic activity will take a hit in the ongoing quarter that is October-December quarter.
The surprise move by the RBI to demonetise and ban Rs 500 & Rs 1000 notes has left the Indians lurking for cash as these very banned notes constituted almost 86 per cent of the currency in the circulation.
Fitch has gone further with revising the GDP growth downwards to 7.7 per cent from earlier 8 per cent for 2017-18 & 2018-19.
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