Fitch Ratings has raised its forecast for India’s economic growth for the current fiscal year to 6.9 percent, up from its previous estimate of 6.5 percent. The agency noted stronger-than-expected momentum in the last quarter of June, driven by robust activity in the services sector and resilient consumption.
India’s real GDP grew by 7.8 percent year-on-year in the first quarter (April–June), accelerating from 7.4 percent in the previous quarter and surpassing Fitch’s forecast of 6.7 percent.
According to Fitch, domestic demand will remain the main driver of growth, supported by strong real income dynamics and more accommodative financial conditions.
