37.5 C
Delhi
Friday, September 18, 2020

India’s GDP growth is still solid against that of peers: Fitch

- Advertisement -

New Delhi, Dec 20 (IANS) Fitch Ratings on Friday kept India’s credit worthiness indicated by its Long-Term Foreign-Currency Issuer Default Rating (IDR) unchanged at ‘BBB-‘ stating that Indias growth outlook was stable.

The agency said that India’s rating balances a still strong medium-term growth outlook, compared with ‘BBB’ category peers, and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.

“Our outlook on India’s GDP growth is still solid against that of peers, even though growth has decelerated significantly over the past few quarters, mainly due to domestic factors, in particular a squeeze in credit availability from non-banking financial companies (NBFC) and deterioration in business and consumer confidence,” Fitch said.

Fitch expects India’s growth to slow to 4.6 per cent per cent in the financial year ending March 2020 (FY20), from 6.8 per cent in FY19, which is still higher than the ‘BBB’ median of 2.8 per cent.

“We expect growth to gradually recover to 5.6 per cent in FY21 and 6.5 per cent in FY22 with support from easing monetary and fiscal policy and structural measures that may also support growth over the medium term,” the Fitch report said.

“The affirmation of the ratings incorporates our expectation of moderate fiscal slippage relative to the central government’s deficit target of 3.3 per cent of GDP in FY20. The government is again facing a trade-off between stimulating the economy and reducing the deficit in the medium term. Some fiscal slippage has occurred in recent years against government targets, even during periods of sustained stronger growth,” it added.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Sushant case: Forensic re-examination hints at discrepancies

New Delhi, Sep 17 (IANS) The 'medico legal opinion' of forensic experts, which holds the key to unravelling the mystery shrouding the death of...

Bullet train project to create more than 90,000 direct, indirect jobs

New Delhi, Sep 17 (IANS) Prime Minister Narendra Modi’s ambitious 508-km Mumbai-Ahmedabad high speed rail project, popularly known as ‘bullet train project’, will create more than...

Many engaged in confusing farmers, says PM Modi

New Delhi, Sep 18 (IANS) Amid the row over three agriculture reform bills that led to one of his Cabinet colleagues quitting on Thursday,...

Cracks appear in opposition on LAC issue

New Delhi, Sep 18 (IANS) The government and the opposition are at loggerheads on tensions with China on the LAC as the opposition wants...

Credit outlook moderately negative for gold jewellery retailers: Crisil

New Delhi, Sep 18 (IANS) Slack demand, resulting in lower cash accrual, along with elevated inventory levels and curtailed bank finance, will lead to...

Hackers targeting UK education sector, warn nodal cyber agency

London, Sep 18 (IANS) The UKs nodel cyber agency on Thursday warned that cyber criminals are increasingly targeting universities with ransomware attacks and there...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Covid vaccine to be available by ‘start of next year’: Harsh Vardhan

New Delhi, Sep 17 (IANS) Union Health Minister Harsh Vardhan on Thursday said that the coronavirus vaccine will be made available in the country...

Covid vaccine to be available by ‘start of next year’: Harsh Vardhan

New Delhi, Sep 17 (IANS) Union Health Minister Harsh Vardhan on Thursday said that the coronavirus vaccine will be made available in the country...

Russia to supply 100 million doses of Sputnik V vaccine to Dr Reddy’s

New Delhi, Sep 16 (IANS) The Russian Direct Investment Fund (RDIF) and Dr Reddy's Laboratories Limited, a global pharmaceutical company headquartered in India, have...

Serum Institute of India gets DCGI nod to resume clinical trial

By Payal Banerjee, (PTI) Drugs Controller General of India (DCGI) Dr V G Somani on Tuesday gave permission to Serum Institute of India to...

SAI revises SOPs for resumption of sporting activities

New Delhi, Sep 16 (IANS) The Sports Authority of India (SAI) on Tuesday announced updated Standard Operating Procedures (SOPs) for resumption of sporting activities...

Insurance scheme for frontline health workers extended for 6 months

New Delhi, Sep 15 (PTI) The Rs 50-lakh insurance cover to frontline health workers fighting COVID-19 has been extended for six months and till date,...

Trending News In India

CBI case against software companies for sending pop-up messages

New Delhi, Sep 18 (IANS) The CBI on Thursday said that it has registered a case against several companies for transmitting pop-ups to the...

Bullet train project to create more than 90,000 direct, indirect jobs

New Delhi, Sep 17 (IANS) Prime Minister Narendra Modi’s ambitious 508-km Mumbai-Ahmedabad high speed rail project, popularly known as ‘bullet train project’, will create more than...

Many engaged in confusing farmers, says PM Modi

New Delhi, Sep 18 (IANS) Amid the row over three agriculture reform bills that led to one of his Cabinet colleagues quitting on Thursday,...

CBI case against software companies for sending pop-up messages

New Delhi, Sep 18 (IANS) The CBI on Thursday said that it has registered a case against several companies for transmitting pop-ups to the...

Cracks appear in opposition on LAC issue

New Delhi, Sep 18 (IANS) The government and the opposition are at loggerheads on tensions with China on the LAC as the opposition wants...

Credit outlook moderately negative for gold jewellery retailers: Crisil

New Delhi, Sep 18 (IANS) Slack demand, resulting in lower cash accrual, along with elevated inventory levels and curtailed bank finance, will lead to...

Trending Showbiz

Sushant case: Forensic re-examination hints at discrepancies

New Delhi, Sep 17 (IANS) The 'medico legal opinion' of forensic experts, which holds the key to unravelling the mystery shrouding the death of...

Gulshan Devaiah: Depression is used as an expression

New Delhi, Sep 17 (IANS) Actor Gulshan Devaiah says the problem with accepting depression as a disease is that a lot of people consider...

Namit Das makes debut as screenwriter with the short film “Tape”

Mumbai, Sep 16 (IANS) Actor Namit Das has made his debut as a screenwriter now, after showcasing his talent as a singer in the...

Seven Indian films at Busan 2020, ‘Bittersweet’ an official selection

New Delhi, Sep 15 (IANS) The Ananth Narayan Mahadevan directorial, Bittersweet, has been nominated for the Jiseok Award at the Busan International Film Festival...

Sara, Rakul, Simone’s names crop up in NCB probe

Mumbai, Sep 14 (IANS) In a significant development, the names of Bollywood celebrities like Sara Ali Khan, Rakul Preet Singh and Simone Khambatta have...

Nitin Tej Ahuja appointed CEO of Producers Guild of India

Mumbai, Sep 14 (IANS) Industry veteran Nitin Tej Ahuja has been appointed the Chief Executive Officer of the Producers Guild of India (PGI)."As a...

Trending Sports

We all have accepted the situation around us, says Virat Kohli

Kolkata, Sep 18 (IANS) Royal Challengers Bangalore (RCB) skipper Virat Kohli on Thursday said players have made peace with life in a bio-secure bubble...

Online application, registration for hockey players planned

New Delhi, Sep 17 (IANS) Hockey India is planning to introduce an open application and registration process for players on its Hockey India Member...

Placing older players on the field Dhoni’s biggest challenge: Bangar

New Delhi, Sep 16 (IANS) MS Dhoni's biggest challenge would be how he handles the older players in the Chennai Super Kings squad in...

Badminton should learn from tennis and resume play: U Vimal Kumar

New Delhi, Sep 17 (IANS) The badminton fraternity should take a leaf out of what other sports like tennis have done to restart competitions...

IPL 13 promises to bring joy to the fans, feels Virender Sehwag

Mumbai, Sep 16 (IANS) Former Indian opener Virender Sehwag feels the upcoming edition of the Indian Premier League (IPL), which will be played in...

SAI revises SOPs for resumption of sporting activities

New Delhi, Sep 16 (IANS) The Sports Authority of India (SAI) on Tuesday announced updated Standard Operating Procedures (SOPs) for resumption of sporting activities...

Latest Trending News In India

Sushant case: Forensic re-examination hints at discrepancies

New Delhi, Sep 17 (IANS) The 'medico legal opinion' of forensic experts, which holds the key to unravelling the mystery shrouding the death of...

Bullet train project to create more than 90,000 direct, indirect jobs

New Delhi, Sep 17 (IANS) Prime Minister Narendra Modi’s ambitious 508-km Mumbai-Ahmedabad high speed rail project, popularly known as ‘bullet train project’, will create more than...

Many engaged in confusing farmers, says PM Modi

New Delhi, Sep 18 (IANS) Amid the row over three agriculture reform bills that led to one of his Cabinet colleagues quitting on Thursday,...

CBI case against software companies for sending pop-up messages

New Delhi, Sep 18 (IANS) The CBI on Thursday said that it has registered a case against several companies for transmitting pop-ups to the...

Cracks appear in opposition on LAC issue

New Delhi, Sep 18 (IANS) The government and the opposition are at loggerheads on tensions with China on the LAC as the opposition wants...