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Fitch revises India outlook to negative from stable; affirms IDR at 'BBB-'

Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22

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"It remains to be seen whether India can return to sustained growth rates of 6% to 7% as we previously estimated, depending on the lasting impact of the pandemic, particularly in the financial sector," it added

BS Web Team New Delhi

1 min read Last Updated : Jun 18 2020 | 10:01 AM IST

Fitch Ratings has revised the outlook on India's Long-Term Foreign-Currency Issuer Default Rating (IDR) to negative from stable and affirmed the rating at 'BBB-'.

Fitch expects economic activity to contract by 5% in the fiscal year ending March 2021 (FY21) from the strict lockdown measures imposed since 25 March 2020, before rebounding by 9.5% in FY22.

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"The rebound will mainly be driven by a low-base effect. Our forecasts are subject to considerable risks due to the continued acceleration in the number of new Covid-19

Topics : Coronavirus Lockdown Fitch Ratings Fitch india growth forecast

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