New Delhi: Fitch Ratings on Tuesday affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-‘ with a stable outlook.
The ratings agency said: “India is poised to remain one of the fastest-growing countries globally in the next few years.”
It also said that beyond 2023-24, there is “less certainty on the fiscal path and trade-offs between economic growth and consolidation may become more acute” for the country.
Fitch forecast India’s GDP growth of 6.9 per cent in the current fiscal year, well above its earlier 6 per cent forecast made in the last review in May 2023.
The Fitch report also stated: “Investment is likely to remain a key growth driver of the Indian economy, as the government’s capex drive is likely to continue and private investment should accelerate gradually. Consumption is likely to moderate further in the near term due to reduced household savings buffers.”
–IANS