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Fitch slashes India GDP Growth forecast

Fitch Ratings said on Friday that it had lowered India’s growth forecast for the current financial year by 30 percent to 2 percent from the earlier estimate of 5.1 percent as the economic downturn shut down the global economy, Which was closed due to the COVID-19 epidemic.

Coronavirus proliferation as an initial barrier to regional manufacturing supply chains from a lockdown in China has now widened to include local discretionary spending and exports to work on China’s part as well.
Fitch now expects a global recession this year and recently slashed India’s GDP growth rate to 2 percent for the fiscal year ending March 2021, making it the slowest growth in India in previous years.
On 20 March, Fitch projected India’s GDP growth to be 5.1 percent for 2020-21, down from 5.6 percent projected in December 2019.

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