Fitch revises India’s outlook to negative from stable

Fitch Ratings has revised India’s long-term outlook to negative from stable, citing risks due to continued acceleration in the number of new Covid-19 cases as the lockdown is eased gradually in the country.
The global credit rating agency has affirmed the country’s sovereign rating at ‘BBB-’, the lowest investment grade.
Fitch expects Indian economic to contract by 5% (-5 percent) in the fiscal year ending March 2021 (FY21).
For the fiscal FY22, ending march 2022, GDP is expected to grow by 9.5%.