Fitch Ratings cut India’s GDP growth estimate to 6.4% for current fiscal
Fitch Ratings cut India's GDP growth estimate by 10 basis points to 6.4 per cent for the current fiscal.
Fitch Ratings cut India's GDP growth estimate by 10 basis points to 6.4 per cent for the current fiscal.
Inflation and supply chain disruptions are the biggest risks over the next 12-18 months in Emerging Asia -- China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, according to a poll conducted by global rating agency Moody's Investors Service.
The investor service said that the proposal will commit the largest 25-30 NBFCs to regulations similar to banks regarding capital, credit concentration and governance.
Manufacturing output was about 3.5 per cent higher in October 2020, compared to the year-ago period, while the output of consumer durables rose by almost 18 per cent.
Moody's had, in November 2019, downgraded India's outlook to negative from stable on concerns of lower economic growth.
Moody's said a sharp decline in economic activity and a rise in unemployment will lead to a deterioration of household and corporate finances.
In December 2019, Fitch had projected India's growth at 5.6 per cent for the financial year starting April 1.
On Tuesday, the Yes Bank’s shares saw a high of Rs 64.15 and low of Rs 40.80. At 12.36 p.m. Yes Bank was trading at Rs 58.50.
Earlier in February, the rating agency had reduced its growth projections for Asia’s largest economy to 5.4 per cent from 6.6 per cent.
In its update on Global Macro Outlook, Moody's said India's economy has decelerated rapidly over the last two years and expects economic recovery to begin in the current quarter.
