Fitch slashed India’s growth projection
Global rating agency Fitch has scaled down its projections on India’s growth to 4.8% for the current fiscal from the earlier estimate of 5.7% made in June, 2013.
Why did Fitch scaled down India’s growth prospects?
The following are the key reasons behind the cut in growth projections:
- Weak Indian currency against dollar
- Expanding Current Account Deficit (CAD) on account of rising crude prices and falling rupee
- Weak demand