BackFitch raises India’s 2018-19 growth forecast to 7.8%
Eonomic outlook subject to headwinds such as tightening of financial conditions, rising oil bill and weak bank balance sheets, says rating agency
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New Delhi: Fitch Ratings has upwardly revised its forecast for India’s economic growth to 7.8% from 7.4% for the current financial year ending in March 2019, it said in a statement on Friday.
“The economic outlook is subject to several headwinds including tightening of financial conditions, a rising oil bill and weak bank balance sheets," the statement added.
Indian economy grew 8.2% in April-June quarter and the Reserve Bank of India expects Asia’s third-largest economy to grow 7.4% in the 2018-19 fiscal year.
Also read: Consumption-driven GDP growth unhealthy for Indian economy
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