Fitch Rankings on Tuesday affirmed India’s scores at ‘BBB-‘ with a steady outlook.
Fitch mentioned it expects the final authorities deficit to fall barely to 9.6% of GDP in full-year 2023 from 9.8% in full-year 2022.
“India is considerably insulated from the gloomy international outlook in 2023, given its modest reliance on exterior demand,” Fitch mentioned, including, “We count on declining exports, heightened uncertainty and better rates of interest to gradual progress to six.2% in FY24.”
“The score displays still-resilient exterior funds, which supported India in navigating giant exterior shocks prior to now yr. These are offset by India’s weak public funds, illustrated by excessive deficits and debt relative to friends,” mentioned Fitch.
