Fitch slashes India's growth projection from 9.5% to 8% for FY22

Fitch Ratings on Tuesday cut India's growth forecast for 2021-22 fiscal to 8 per cent from 9.5 per cent projected last month. It retained its projection of Indian economy contracting by 5 per cent in the current fiscal.

Indian economic growth stood at an estimated 4.2 per cent in 2019-20. In its June update of Global Economic Outlook, Fitch projected Indian economy to grow 5.5 per cent in 2022-23.

"In India, where authorities imposed one of the most stringent lockdowns globally to try to halt the spread of the virus, measures are being relaxed only very gradually; with a limited