Fitch Ratings on Tuesday downgraded its growth forecast for India by 180 basis points to 8.5 per cent for 2022-23, citing sharply higher energy prices. The extent of the downward revision in growth forecast for India is second only to Germany among major economies.
Earlier this rate was estimated at 10.3%. The Rating agency Fitch has revised upwards the GDP growth forecast for the current fiscal FY 2021-2022, by 0.6 percentage points to 8.7 percent.