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Fitch cuts India GDP forecast for FY22 to 8.4%.

Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4 per cent for the current fiscal year ending March 31, 2022, saying the rebound after the second wave of COVID infections has been subdued than expected.

Fitch, which had previously forecast a GDP growth of 8.7 per cent in 2021-22 (April 2021 to March 2022), however, raised the economic growth projection for the next financial year (FY23) to 10.3 per cent from previously forecast 10 per cent. The economy had contracted by 7.3 per cent in the 2020-21 fiscal as restrictions imposed to curb spread of coronavirus pummelled business activity.

“India’s economy staged a strong rebound in 3Q21 (July-September 2021) from the Delta variant-induced sharp contraction,” Fitch said in its Global Economic Outlook (GEO).


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