Fitch Ratings has said that India is poised to remain one of fastest-growing economies in the world in next few years. The rating agency has also affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB (minus)’ with a stable outlook.
Fitch Ratings has made an upward revision to India’s growth forecast for fiscal year ending March 2023, with the growth rate now seen at 6.9 percent, as compared to a forecast of 6 percent issued in May last year.
The GDP growth rate will, however, ease to 6.5 percent in fiscal year 2024-25, it said. Fitch stated that investment is likely to remain a key growth driver, as the government’s capex drive is likely to continue and private investment should accelerate gradually.