Fitch Revises India's GDP Projection from 6% to 6.3% for FY24
Fitch , an i nternational credit ratings agency has revised its GDP forecast for India's financial year 2023-24 upwards, citing near-term momentum and a robust first-quarter performance. The agency raised its projection from 6% to 6.3%, indicating a positive outlook for India's economy. This revision comes after a previous downgrade in March due to challenges posed by high inflation, interest rates, and weak global demand. The improved forecast reflects the country's broad-based economic strength, with several sectors experiencing significant growth. Strong Economic Indicators Fitch highlighted India's resilient economic performance in the first quarter of 2023, reporting a 6.1% year-on-year GDP growth rate. The agency attributed this growth to various positive factors, including strong auto sales, robust PMI (Purchasing Managers' Index) surveys, and steady credit growth in recent months. These indicators demonstrate the overall health and resilience of India's