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Home >> News >> After ADB, Fitch also Reduced India's Economic Growth from 7.4 percent to 6.9 percent

After ADB, Fitch also Reduced India's Economic Growth from 7.4 percent to 6.9 percent

Posted on: 03 Oct, 2017 Tags   Fitch Rating Economic Growth GDP

IndiaNewsonWeb: 03 Oct, 2017, Fitch ratings have reduced the GDP growth rate of India from 7.4 percent to 6.9 percent. After a significant decline in the economic growth in the April-June quarter of the current financial year 2017-18, Fitch Ratings has reduced this estimate. However, credit rating agency said that the second half of the financial year is expected to boost economic activity. Economic activity has been affected in November of 2016, for other reasons, including the ban on the commencement of the commodity and service tax (GST) in July this year and the ban in July this year.

Previously, the Asian Development Bank (ADB) had lowered the growth rate of GDP in the country's GDP from 7.4 percent to 7 percent due to a weak trend in private consumption, manufacturing and investment. India's economic growth rate was 7.1 percent in 2016-17.

Fitch Ratings said that the global economy has improved this year and after 2010, it is poised to grow faster. He said that India's GDP growth rate was 5.7 percent in the first quarter of the current fiscal year-on-year, down from 6.1 percent in the same period last year. This is the weakest growth since the beginning of 2013. The GDP growth rate is going down five consecutive quarters.

Fitch said that due to the removal of the old goods from the companies prior to the GST implementation, possibly in the first quarter, economic activity was affected. During this period, the manufacturing sector grew by only 1.2 percent on an annual basis. Growth rates are also slow in the primary sector. However, the speed in the manufacturing and services sector returned. Rating agency Fitch has expressed the hope of increasing economic activity in the second half of the current financial year. He said that the increase in consumption should increase the growth.

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