The Indian economy is expected to clock a higher growth of 6.3% — one of the highest in the world — in the current fiscal aided by sustained momentum in manufacturing output and infrastructure spending, Fitch Ratings said on Thursday, June 22.
The agency has revised upwards the growth forecast from 6% projected in March.
The economy also continues to benefit from high bank credit growth and infrastructure spending (with more to come from the latter), Fitch added. “The stronger outturn in 1Q23 (March quarter) and near-term momentum have prompted us to upgrade our FY23-24 growth forecast to 6.3% — revised up from 6% in March — one of the highest growth rates in the world,” said the June update to Fitch’s Global Economic Outlook. RBI has projected India’s GDP to grow 6.5% in the current fiscal year.