Fitch cuts India growth forecast to 6.6% for FY20

New Delhi: Fitch on Monday lowered India’s growth forecast to 6.6% for the current fiscal from 6.8% projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year.  In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the next fiscal (2020-21) at 7.1% and 7% for 2021-22. In the last fiscal, Indian economy grew at a 5-year low pace of 6.8%. “We see growth for FY 2019-2020 printing at 6.6%, before stepping up to 7.1% in FY 2020-2021 and 7% in FY 2021-2022,” Fitch said. India’s GDP growth declined for the fourth consecutive quarter in January-March, with the economy expanding by 5.8%, down from a cyclical high of 8.1% in the March quarter of 2018. PTI