Fitch Ratings Changes India’s Rating From Negative To Stable

Fitch Ratings changes India’s rating from negative to stable. Fitch Ratings has made a correction in the outlook for India’s sovereign rating.

Fitch Ratings Agency has changed the outlook for India’s sovereign rating from negative to stable.

The agency has lowered the economic growth forecast to 7.8 percent. At the same time, earlier the pace of economic growth was expected to be 8.5 percent.

Fitch Ratings has slashed its economic growth forecast for the current fiscal to 7.8 percent. Earlier, the pace of economic growth was expected to be 8.5 percent.

The agency on Friday said it has mitigated the risk of a slowdown in growth in the medium term due to the rapid economic recovery in India. This is the reason why India’s rating has been kept stable.

Rating agency Fitch said that the revision in outlook reflects our view that the risk of a slowdown in growth in the medium term should be mitigated on account of economic recovery in India.

Also easing of financial sector vulnerabilities by India, despite shocks in global commodity prices. 

Fitch in its statement said that India’s strong medium-term growth outlook vis–vis peers is a key contributory factor to the ratings and will sustain a gradual improvement in credit metrics.

Fitch said that we are forecasting growth of about 7 percent between FY 2024 and FY 2027.

The agency said India’s growth outlook is stronger than that of its peers and it expects growth of around 7 percent between FY24 and FY27.

According to the Reserve Bank of India, the country’s real GDP growth rate is seen at 7.2 percent in FY23.

Tax revenue collection will be better than the budget estimate, Revenue Secretary gave this information.

Tax revenue collection in the current financial year is expected to be better than the budget estimate.

Revenue Secretary Tarun Bajaj on Thursday said tax revenue collection in the current fiscal is expected to be better than the budget estimate.

He said that the government has been able to collect Rs 5 lakh crore more than the budget estimate for 2021-22.