India’s economic growth set to rise: Fitch report

Credit rating agency, Demonetisation, Economic Growth, Fitch, Fitch Ratings, Goods and Services Tax, : GST, India

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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