relief! Fitch has not made any change in the Sovereign Rating, know at what rate India will develop?

Fitch Rating: Fitch Ratings has kept India’s sovereign rating at ‘BBB-‘ with negative without making any changes. Fitch said in a statement that the risks associated with the medium-term growth outlook have been reduced due to the rapid pace of recovery from the epidemic and the easing of financial pressures. However, ‘BBB-‘ is the lowest rating in the investment category.

How much can the GDP growth rate be?
This rating of the Indian economy reflects a balance between the medium term growth outlook. The rating agency said that through its strong foreign strong reserves, India is able to deal with some structural issues along with high public debt and weak financial sector. Fitch said, “We forecast that this fiscal year, the growth rate of gross domestic product (GDP) will be at a strong level of 8.7 percent. At the same time, in the year 2022-23, this rate can be 10 percent. It benefits from the ability of the Indian economy to recover rapidly from the Kovid pandemic.

India’s growth rate will be 7 percent
Apart from this, Fitch has also projected India’s growth rate to be around seven percent during the year 2023-24 to 2025-26. The agency said that the government’s move forward on the reform agenda and ending the negative impact created by the epidemic will give momentum to the Indian economy. However, India’s negative outlook for the year 2021-22 reflects the uncertainty surrounding medium-term loans given the limited fiscal space. Fitch downgraded India’s economic outlook from stable to negative in June 2020.

Economy reaching pre-covid level
Fitch says movement indicators have returned to pre-Covid levels and high-frequency indicators point to strength in manufacturing. Last month, another rating agency Moody’s had upgraded India’s sovereign rating to ‘stable’ from ‘negative’.

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