Fitch maintains India’s rating, India will remain the fastest growing economy.

Global rating agency Fitch has maintained India’s rating. Fitch estimates that the growth of the Indian economy will remain balanced in the year 2024. India will remain the world’s fastest growing economy for the next few years, Fitch said on Tuesday. The rating agency has maintained its ‘BBB-‘ rating for India. Fitch has also forecast the Indian economy to grow at a rate of 6.9 percent in fiscal 2024.

The GDP situation is much better than previous estimates.

Rating agency Fitch has said about India that the country’s economy will remain stable. India’s long-term foreign currency IDR (Default rating of the issuer) will remain ‘BBB -‘. He also expressed the hope that the country’s economy will continue to grow for many years. According to the agency, there is less certainty about the fiscal path after fiscal 2024 and the trade-off between economic growth and stability may become more acute. The agency has estimated India’s GDP growth at 6.9 percent for the current fiscal year, higher than our estimate of 6 percent in May 2023, it said. The rating agency had projected 6.5 percent of GDP in fiscal 2025.

There will be no reduction in private investment in the country.

On the investment front, Fitch said there would be no dearth of private investment in the country. Investment is going to play an important role in economic development. Private investment in India will gradually increase. Consumption will also improve due to lower household savings figures.

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