Fitch slashes India's 2022-23 growth estimate to 8.5 pct

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Fitch slashes India's 2022-23 growth estimate to 8.5 pct

STORY: Fitch slashes India's 2022-23 growth estimate to 8.5 pct DATELINE: March 23, 2022 LENGTH: 0:01:46 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the streets in New Delhi STORYLINE: Fitch Ratings on Tuesday slashed India's growth forecast for the next fiscal to 8.5 percent from an estimate of 10.3 percent last December. The global rating agency has revised the gross domestic product growth forecast upwards for the current fiscal by 0.6 percentage points to 8.7 percent. "However, we have lowered our growth forecast for FY 2022-2023 to 8.5 percent (-1.8 pp) on sharply higher energy prices," Fitch said while revising up its inflation forecasts. Fitch sees inflation in the country could peak up to 7 percent in the third quarter this year, well above the Reserve Bank of India's upper tolerance limit of 6 percent. In its Global Economic Outlook-March 2022, Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth an

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