Fitch Ratings Cuts India’s GDP Growth Forecast To 5.1% In FY21 Over Coronavirus Concerns

, Fitch Ratings Cuts India’s GDP Growth Forecast To 5.1% In FY21 Over Coronavirus Concerns

India’s GDP growth forecast for 2020-21 was cut by Fitch Ratings to 5.1% amid ongoing Covid-19 pandemic. As per Fitch, the supply chain disruptions are likely to hit businesses hugely. Earlier it projected the Indian economy to grow at 5.6% in 2020-21 and 6.5% in 2021-22.

“Indians manufactures are heavily reliant on key Chinese intermediate inputs, especially electronics, machinery, and equipment,” it said.

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