Fitch raised its GDP growth forecast for 2023-24 to 6.3 percent

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MUMBAI: Another global agency has raised strong optimism on the growth wheel of the Indian economy. Rating agency Fitch Ratings has raised its GDP growth forecast for the Indian economy to 6.3 percent for the current financial year 2023-24. The US credit rating agency had previously forecast a growth rate of 6.0 percent.

Vehicle sales, PMI survey and credit growth have been strong in recent months

Fitch revised up the GDP forecast, citing strong results in the first quarter of the current fiscal year and the economy picking up in the short term. 'India's economy is moving forward with universal strength and power. In the first quarter of the current financial year, the GDP grew by 6.1 percent year-on-year. Also, vehicle sales, PMI survey and credit growth have been strong in recent months. For this reason we have raised the forecast by 0.3 per cent to 6.3 per cent for the year ending March 2024,' Fitch said.

In early March, Fitch cut India's growth forecast for 2023-24 to 6 percent from 6.2 percent, reflecting high inflation and high interest rates and weak global demand. Today, Fitch estimates the growth rate to be 6.5 percent in 2024-25 and 2025-26.

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