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India’s economic growth set to rise: Fitch report

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According to the international credit rating agency Fitch Ratings, India’s economic growth will accelerate to 7.3 percent in the current financial and 7.5 percent in the next.

In its second-quarter Sovereign Credit Overview for Asia Pacific region, Fitch said the growth rate will accelerate as money supply has recovered to pre-demonetization levels and economic disruption due to the rollout of the Goods and Services Tax (GST) have diminished.

The agency said that India’s ratings balance a strong medium-term growth outlook and favorable external balances against a weak fiscal position and difficult business environment.

But, the country’s business environment is likely to improve gradually with the implementation and continued broadening of the government’s structural-reform agenda, the agency said.

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