No upgrade from Fitch Ratings as it affirms 'BBB-' India rating

Forecasts real GDP growth to accelerate to 7.7% in FY17 and FY18, from 7.1% in FY16; stable outlook

Global rating agency Fitch Ratings today kept India's sovereign rating unchanged at 'BBB-' -- the lowest investment grade -- with a stable outlook, citing a "weak fiscal position and difficult business environment".

The government and some commentators in India have been pitching hard for a rating upgrade by Fitch and other agencies, saying the country's strong economic fundamentals, political stability and a slew of reforms need to be better reflected in the rating assigned to it.

"The sovereign ratings at BBB- balance a strong medium- term growth outlook and favourable external balances with a weak fiscal position and difficult business