Coronavirus impact: Fitch cuts India growth forecast to 5.1% for FY21

The difficulties facing the Indian economy have been exacerbated by Yes Bank failure, it said

Fitch Ratings on Friday cut India's growth forecast to 5.1 per cent for FY 2020-21, saying the coronavirus outbreak is likely to hit business investment and exports.

Fitch had in December 2019 projected India's growth at 5.6 per cent for 2020-21 and 6.5 per cent in the following year.

In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained. However, there are downside risks to this scenario.

"Supply-chain disruptions are expected