Fitch Ratings affirms India's sovereign rating at 'BBB-' with stable outlook
Fitch said it expects the general government deficit to fall slightly to 9.6% of GDP in full-year 2023 from 9.8% in full-year 2022
- Dec 20, 2022,
- Updated Dec 20, 2022 9:24 PM IST
Fitch Ratings on Tuesday affirmed India's ratings at 'BBB-' with a stable outlook.
Fitch said it expects the general government deficit to fall slightly to 9.6% of GDP in full-year 2023 from 9.8% in full-year 2022.
"India is somewhat insulated from the gloomy global outlook in 2023, given its modest reliance on external demand," Fitch said, adding, "We expect declining exports, heightened uncertainty and higher interest rates to slow growth to 6.2% in FY24."
"The rating reflects still-resilient external finances, which supported India in navigating large external shocks in the past year. These are offset by India's weak public finances, illustrated by high deficits and debt relative to peers," said Fitch.
Fitch Ratings on Tuesday affirmed India's ratings at 'BBB-' with a stable outlook.
Fitch said it expects the general government deficit to fall slightly to 9.6% of GDP in full-year 2023 from 9.8% in full-year 2022.
"India is somewhat insulated from the gloomy global outlook in 2023, given its modest reliance on external demand," Fitch said, adding, "We expect declining exports, heightened uncertainty and higher interest rates to slow growth to 6.2% in FY24."
"The rating reflects still-resilient external finances, which supported India in navigating large external shocks in the past year. These are offset by India's weak public finances, illustrated by high deficits and debt relative to peers," said Fitch.