Fitch keeps FY23 India's growth forecast at 7%

Fitch Ratings recently retained India's economic growth forecast at 7% for this fiscal, saying the country could be one of the fastest-growing emerging markets this year. The projections for the next two fiscals, however, were cut, saying that though there is protection to some extent from global economic shocks, the country is not impervious to global developments.

In its December edition of the Global Economic Outlook, Fitch projected India's gross domestic product to slow to 6.2% in fiscal 2023-24 (FY24) and 6.9% in FY25.

The ratings agency had projected 7% growth for this fiscal in September, followed by 6.7% in FY24 and 7.1% growth in FY25.

The worldwide economic slowdown is expected to reduce demand for Indian exports, Fitch added.