Fitch retains India's credit rating at 'BBB-' with a 'stable outlook'

The rating agency said India's economy is expected to grow at 6.8% in the financial year ending March 2020

Fitch Ratings on Thursday retained India's long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' with a 'stable outlook'.

"India's ratings balance a strong medium-term growth outlook and relative external resilience stemming from strong foreign reserve buffers, against high public debt, a weak financial sector and some lagging structural factors," Fitch said.

The rating agency said India's economy is expected to grow at 6.8 per cent in the financial year ending March 2020 (FY20) and 7.1 per cent in FY21.  The accommodative monetary policy, an easing of bank regulations, and government spending will support economic growth.

"We estimate real GDP