Fitch affirms India at ‘BBB-’ with stable outlook

NEW DELHI: Fitch Ratings on Tuesday affirmed India’s ratings at ‘BBB-’ with a stable outlook.

Fitch said it expects the general government deficit to fall slightly to 9.6% of GDP in full-year 2023 from 9.8% in full-year 2022.

“India is somewhat insulated from the gloomy global outlook in 2023, given its modest reliance on external demand,” Fitch said, adding, “We expect declining exports, heightened uncertainty and higher interest rates to slow growth to 6.2% in FY24.”

Fitch downgrades Sri Lanka’s local currency debt rating to ‘CC’