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Fitch slashes India growth forecast to 30-year low of 2% for FY21

On March 20, Fitch had projected India's GDP growth for 2020-21 at 5.1 per cent, lower than 5.6 per cent estimated in December 2019

Fitch rating agency
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Fitch also said micro, small and medium-sized enterprises and the services segment are likely to be among the most affected amid reduced consumer spending

Press Trust of India

Fitch Ratings on Friday said it has slashed India's growth forecast for the current fiscal to a 30-year low of 2 per cent, from 5.1 per cent projected earlier, as economic recession gripped global economy following the lockdown due to COVID-19 pandemic.


"The initial disruptions to regional manufacturing supply chains from a lockdown in China as the coronavirus spread have now broadened to include local discretionary spending and exports even as parts of China return to work.