In its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 per cent in the current fiscal and slow to 6.2 per cent in 2023-24 and 6.9 per cent in 2024-25.
However, it has been said that India’s economic growth will slow down to 6.6 per cent in FY24.
The rating agency said the GDP growth of 13.5 per cent in April-June, as per official data, was below its June expectation of 18.5 per cent increase.
These corrections did not change our investment recommendations,” CreditSights said in a new report dated September 7.
Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Pakistan has a weak external position, high commodity prices, and is witnessing a huge slump in its currency in comparision to the US Dollar.
Fitch says high nominal GDP growth has facilitated a near-term cut in debt-to-GDP ratio, even if public finances remain a credit weakness.
Fitch cuts economic growth forecast to 7.8 per cent; revises India rating outlook to 'Stable' from 'Negative'
"The Outlook revision reflects our view that downside risks to medium-term growth have diminished due to India's rapid economic recovery," it said.
Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth and push up inflation.
The report expects earnings and profitability of banks to recover next fiscal on the back of falling loan impairment charges that improved to 1.2 per cent in H1 of FY22, from 1.7 per cent a year ago.
The good rating is an affirmation that the BMRCL has enough cash in hand to service its loan interests and manage its borrowings.
It said that, in turn, it will weaken the country's finances and slow its economy, further raising geopolitical risks and uncertainty.
In the Budget for 2021-22, Sitharaman unveiled a massive spending plan, which would be met partly from enhanced borrowings, to pull the economy out of the trough.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
The new entrant in the telecom industry, Reliance Jio, is expected to shift its approach from a hunter to a farmer by 2018, said Nitin Soni, Director at Fitch Ratings.