New Delhi: After a deep contraction in the current financial year, the country’s economy is projected to grow at a rate of 9.5 percent in the next financial year. Rating agency Fitch Ratings said this in a report released on Wednesday. Fitch Ratings forecast the Indian economy to shrink by five percent in the current financial year.
Even before the Corona virus crisis deepened, there was a softening trend in the economy. Fitch released its Asia-Pacific debt credit scenario on Wednesday. It states, “The Covid-19 epidemic has weakened the country’s growth landscape. The other major reason for this is that due to heavy debt on the government, many challenges also arise. ”
Fitch said that the country’s GDP growth rate is expected to be back on track after this global pandemic crisis. It can reach back to a higher level. It is expected to grow at a rate of 9.5 percent next year. This will be more than the ‘BBB’ category.
The lockdown was implemented from March 25 to prevent the corona virus in the country. It has been extended several times till June 30. However, many reliefs have been granted in the lockdown rules from May 4. But currently the number of corona virus infections in the country is continuously increasing.
