![Fitch cuts India’s GDP in FY22 to 8.7% and 10% in FY23](https://www.gkseries.com/blog/wp-content/uploads/2021/10/download-89.jpg)
Fitch Ratings has cut India’s economic growth forecast to 8.7% for the current fiscal but raised GDP growth projection for FY23 to 10%, saying the second COVID-19 wave delayed rather than derail the economic recovery.
In its APAC Sovereign Credit Overview, Fitch Ratings said India’s ‘BBB-/Negative’ sovereign rating “balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors”.