Fitch Ratings on Wednesday slashed India’s growth forecast for the current fiscal to 10 per cent, from 12.8 per cent in the previous estimate. The rating agency did this due to the slowdown in the pace of recovery after the second wave of Kovid-19. Fitch also said that a rapid recovery in vaccination will lead to a sustainable revival of business and strengthen consumer confidence. The global rating agency said in a report that the challenges for the banking sector have increased in the first quarter of the current financial year due to the second wave of the corona virus epidemic.
GDP estimates slashed by 2.8 percent
The report said, “Fitch Ratings has reduced India’s real GDP estimate by 2.8 percent to 10 percent for the financial year 2021-22. We believe the new restrictions have slowed reform efforts and left banks with a moderately poor outlook for business and revenue generation in FY 2021-22,” Fitch believes. That faster vaccination will lead to increased business and consumer confidence.
” href=”https://www.abplive.com/states/up-uk/union-cabinet-expansion-maharajganj-mp-pankaj-chaudhary-become-minister-in-modi-government-ann-1937245″ target= “_blank” rel=”noopener”>Modi Cabinet Expansion: Pankaj Chaudhary, MP from Maharajganj, became a minister, read- How was the political journey