Rating agency Fitch Ratings has revamped India’s economic outlook to negative. Earlier, Fitch had talked about a stable outlook for India. The rating agency said that the corona virus epidemic weakened estimates of economic growth.
In a statement issued on Thursday by Fitch Ratings, it has retained the long-term Issuer Default Rating (IDR) for India at BBB- (BBB-).
Earlier on 26 May, Fitch Ratings had forecast a five per cent decline in the Indian economy in the current financial year (2020-21). Fitch said a strict lockdown policy has been implemented in the country because of the corona virus. This led to a sharp decline in economic activity, which would have a direct impact on the growth rate of gross domestic product (GDP).
