Fitch lowers India’s economic growth to 4.6% in FY20

Global ratings agency Fitch Ratings on Friday lowered India’s economic growth forecast to 4.6 percent in 2019-20 due to domestic factors, in particular a squeeze in credit availability from non-banking financial companies (NBFCs), and deterioration in business and consumer confidence.

According to Fitch, growth is expected to be around 4.6 percent this fiscal against an earlier estimate of over 5 percent.

“Our outlook on India’s GDP growth is still solid against that of our 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 NBFCs and deterioration in business and consumer confidence,” the Fitch report said.

Read More: https://www.bhaskarlive.in/fitch-lowers-indias-economic-growth-to-4-6-in-fy20-lead/