Credit rating agency Fitch has revised India’s GDP growth estimate to 12.8% for next fiscal from the previous 11%. The ratings agency, in its latest Global Economic Outlook GEO, anticipates the level of the country’s GDP to remain well below its pre-pandemic forecast trajectory. Fitch also expects GDP growth to ease to 5.8% in Fiscal Year 2023.
In a report it said, India’s recovery from the depths of the lockdown-induced recession in the second quarter of 2020 has been swifter than expected. GDP surpassed its pre-pandemic level in the fourth quarter of the current fiscal. It also added the manufacturing Purchasing Managers’ Index PMI remained elevated in February, while the pickup in mobility and a rise in the services PMI point to further gains in the services sector.