Global ratings agency Fitch reiterated its BBB- rating with a stable outlook on India's long-term sovereign debt, saying that growth prospects have brightened as the private sector appears poised for stronger investment growth.
This is on the back of improvement in corporate and bank balance sheets in the past few years, supported by the government's infrastructure drive, the rating agency said.
Late on Monday, Fitch said India would be one of the fastest-growing sovereigns globally, with a forecast of 6 per cent gross domestic product (GDP) growth for FY24 supported by resilient investment prospects. It, however, said there were headwinds from elevated inflation, high-interest rates, and subdued global demand, along with fading pandemic-induced pent-up demand.
This story is from the May 10, 2023 edition of Business Standard.
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This story is from the May 10, 2023 edition of Business Standard.
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