Zee Media Bureau
New Delhi: Fitch Ratings on Monday maintained India's growth forecast at 7.5 percent for the financial year 2015-16 but added the economy would gradually accelerate to 7.7 percent in 2016-17.
The rating agency also said the economy would further accelerate to 7.9 in 2017-18.
Earlier in September 2015, the agency had lowered India's GDP growth estimate to the current 7.5 percent from 7.8 percent on average monsoon. It had further said the the economy in the next fiscal would grow by 8 percent on reform push.
Fitch, however, lowered it down to 7.7 percent for the next fiscal 2016-47.
The agency had earlier affirmed India's BBB- rating with a stable outlook and stated that India would continue to post good growth rate.
On the global front, Fitch said global growth would remain at 2.5 percent in 2016, the same as in 2015.
Widespread cut in global growth forecast but no glabal recession, Fitch Ratings said.