Fitch said the speed with which the coronavirus pandemic is evolving has necessitated another round of huge cuts to its global GDP forecasts New Delhi: Fitch Ratings has sharply reduced its FY21 growth projection for India to 2% from 5.1% estimated just 15 days ago, as Asia's third largest economy announced a nationwide lockdown that crippled normal economic activity.
This will be the slowest since the economy was liberalised 30 years back. The growth forecast by Fitch released on Friday as an update to its Global Economic Outlook (GEO) is the lowest among the major rating agencies such as S&P (3.5%) and Moody’s (2.5%).