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    Monday, October 2, 2017

    India’s GDP forecast for 2017-’18 to 6.9%

    Fitch Ratings has lowered its forecast for Indian economic growth by half a percentage point to 6.9% in 2017-18, after a sad April-June, PTI reported. The rating agency had previously predicted gross domestic product growth in India at 7.4%.

    GDP growth had reached a three-year low of 5.7% in the quarter ending in June.

    However, Fitch expects economic activity to accelerate in the second half of the year, as the negative effects of the demonstration and the use of goods and services taxes are diminishing.

    A limiting factor could be the "large stock of criminal loans in the banks' balances, which could slow down credit growth and corporate investment, Fitch Ratings said in its latest Global Economic Outlook.

    Last week, another rating agency, India Ratings and Research, lowered its projection on India's GDP growth to 6.7% in 2017-18, citing the "more harmful than expected" impacts of the demonstration and the GST.

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    Item Reviewed: India’s GDP forecast for 2017-’18 to 6.9% Rating: 5 Reviewed By: Bhaskar Banerjee
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