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Fitch cuts India’s growth estimate for FY18 to 6.7% from 6.9%

Fitch also slashed the FY19 forecast to 7.3 per cent from 7.4 per cent. (Representational Image)

Fitch also slashed the FY19 forecast to 7.3 per cent from 7.4 per cent. (Representational Image)

Global rating firm Fitch Ratings has cut India’s gross domestic product (GDP) growth forecast for the fiscal year ending March 2018 (FY18) to 6.7 per cent from its earlier projection of 6.9 per cent in September, saying that the rebound in the economy was “weaker than expected”.

“The Indian economy picked up in the September quarter, with GDP growing by 6.3 per cent year-on-year, up from 5.7 per cent in the June quarter. However, the rebound was weaker than we expected, and we have reduced our growth forecast for the fiscal year to end-March 2018 (FY18) to 6.7 per cent,” Fitch said in its latest ‘Global Economic Outlook’.

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Credit: indianexpress.com

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