Fitch said that the scope of India's economic growth has been rendered by the falling rupee
Fitch Ratings cut India's growth forecast for 2013-14 to 4.8% from its earlier estimate of 5.7%. The agency also slashed the projection for the next financial year to 5.8% from 6.5% projected earlier, “underlining the severity of the growth shock.”
The agency said that the scope of India's economic growth has been rendered by the falling rupee.
“The prospects for a swift turnaround in the economy have been further dented by the sharp 20% depreciation in the exchange rate since the end of May due to increased financial market concerns over India’s large current account deficit,” said Fitch Ratings in its 'Global Economic Outlook' report released on Thursday.
On the fiscal front, it said that the government is likely to cut budget expenditures, other than fuel subsidy, to meet its fiscal deficit target of 4.8% of the GDP.
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