INSUBCONTINENT EXCLUSIVE:
The rating agency also said that global economic recovery will strengthen and become more sure-footed.Fitch Ratings on Tuesday raised
India's GDP forecast to -9.4 per cent in the current fiscal year to March 2021 from a previously projected contraction of 10.5 per cent
due to a sharp economic rebound in the July-September quarter."We now expect GDP to contract 9.4 per cent in the fiscal year to end March
2021 (FY21) (+1.1 percentage point), followed by +11 per cent growth (unchanged) and +6.3 per cent growth (+0.3pp) in the following years,"
the rating agency said in its Global Economic Outlook
The GDP had grown 4.2 per cent in FY 2019-20 (April 2019 to March 2020).In September, Fitch had sharply lowered its forecast for India's
gross domestic product (GDP) to a contraction of 10.5 per cent in current fiscal 2020-21 (FY21) as against its previous estimate of a 5 per
containment measures in the Covid hotspots."The outlook is brighter owing to an expected rollout of various vaccines in 2021
India has pre-ordered 1.6 billion doses including 500 million doses of the Oxford/AstraZeneca vaccine
Distribution should allow a faster-than-expected easing of social-distancing restrictions and boost sentiment," the rating
year due to the roll-out of coronavirus vaccines
It expects the world GDP to decline 3.7 per cent in 2020.
