Fitch reduced economic growth forecast to 6.4 percent

New Delhi, 13 December (HS). After the Asian Development Bank (ADB), Fitch Ratings has reduced India’s economic growth rate estimate for the financial year 2024-25 to 6.4 percent. The rating agency had earlier estimated the country’s economy to grow at the rate of 7.0 percent.

Fitch Ratings made this revision on Friday, immediately after the Reserve Bank of India (RBI) reduced its growth forecast from 7.2 percent to 6.6 percent following the review of the Monetary Policy Committee last week. The agency said in its latest estimate that India’s GDP will grow at 6.4 percent in fiscal year 2024-25 and 6.5 percent in fiscal year 2025-26, which will be slower than the 8.2 percent growth rate in fiscal year 2023-24. Will happen.

RBI has recently reduced the country’s growth rate forecast for the financial year 2024-25 from 7.2 percent to 6.6 percent.