Fitch Ratings on Friday revised its outlook on India‘s long-term foreign currency Issuer Default Rating (IDR) to “Stable” from “Negative,” citing diminished downside risks to medium-term growth.
The ratings agency said risks to the country’s medium-term growth lessened due to rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock.
“Real GDP is projected to grow by 6.9% in fiscal year (FY) 2022-23 and 6.2% in FY 2023-24, despite a pick-up of corporate investment facilitated by the Production-Linked Incentive Scheme,” OECD said in its latest economic outlook.