Fitch raises India’s FY21 GDP forecast to (-) 9.4%
NEW DELHI: Global credit rating agency Fitch on Tuesday raised its FY21 GDP growth forecast for India by predicting a narrower economic contraction of (-) 9.4 per cent from an earlier predicted fall of (-) 10.5 per cent. “We now expect GDP to contract 9.4 per cent in fiscal year to end March 2021, followed […]
Fitch projects Indian economy to contract 10.5 per cent this fiscal
NEW DELHI: Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India’s economy in the current financial year. India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June. India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most […]
India’s incentives for domestic API production could cut supply risk: Fitch
NEW DELHI: The Indian government’s recent incentives to boost domestic manufacturing of active pharmaceutical ingredients (APIs) and key starting materials (KSMs) can improve backward integration over the next few years and curtail supply-chain disruption risk for Indian drug makers, Fitch Ratings said on Monday. The incentives address core issues of pricing competitiveness and funding, and […]
Reliance Industries’ slew of equity deals to drive improvement in Co rating: Fitch
NEW DELHI: Reliance Industries Limited’ proposed USD 7 billion rights issue, a string of equity deals of USD 8 billion in Jio Platforms, and USD 1 billion from a joint venture with BP plc will allow its leverage to improve, Fitch Ratings said on Wednesday. “The rights issue and equity deals when completed are likely […]
RBI’s liquidity support for Mutual Funds may struggle to be effective: Fitch
NEW DELHI: The Reserve Bank of India’s (RBI’s) liquidity support for mutual funds could struggle to be effective, as its success would hang on banks’ appetite to take up the risks involved, amid a low capital headroom and a likely increase in fresh non-performing loans, according to Fitch. The RBI’s Rs 50,000-crore Special Liquidity Facility […]
Fitch slashes India growth forecast to 30-year low of 2% for FY21
NEW DELHI: Fitch Ratings on Friday said it has slashed India’s growth forecast for the current fiscal to a 30-year low of 2 per cent, from 5.1 per cent projected earlier, as economic recession gripped global economy following the lockdown due to COVID-19 pandemic. “The initial disruptions to regional manufacturing supply chains from a lockdown […]
Hurdles in fighting coronavirus are lack of funds, healthcare infra: Fitch
NEW DELHI: Continued lack of medical funds and healthcare infrastructure despite additional funding poses challenges in mounting an effective response against the coronavirus outbreak, according to a report. “The continued lack of medical funding and healthcare infrastructure inform our view for the potential epidemic to be worse in India if it is not adequately contained. […]
Fitch cuts India’s FY20 GDP growth forecast to 5.5 per cent
NEW DELHI: Fitch Ratings on Thursday slashed India’s GDP growth forecast in the current fiscal to 5.5 per cent saying a large credit squeeze emanating from shadow banks has pushed economic growth to a six year low. Fitch, which had in June this year put India’s GDP growth at 6.6 per cent for the fiscal […]
Telcos performance diverging in face of Reliance Jio’s growth: Fitch
NEW DELHI: Reliance Jio’s aggressive posturing has begun to show the divergent impact on entrenched telcos, with Vodafone Idea getting impacted sharply and Bharti Airtel holding on, a report said on Monday. The deep-pocketed Jio’s entry has so far impacted all the telcos, forcing mergers and also bankruptcy filings. For Vodafone Idea, it was the […]
A strong balance sheet essential for credibility of RBI: Fitch
NEW DELHI: Pitching for a strong balance sheet for the Reserve Bank of India (RBI) , Fitch Ratings said it was essential to ensure independence and credibility of the central bank. The RBI board last month decided to set an expert committee to decide the economic capital framework of the RBI to determine the appropriate […]
Home prices could fall in some smaller Chinese cities in 2019: Fitch
BY: Ryan Woo BEIJING: Home prices in some smaller Chinese cities could fall next year as the world’s second-largest economy slows, Fitch ratings said on Monday, while adding the government is expected to step in to stem any precipitous decline. Nationwide growth in China’s property prices has moderated this year in response to measures to […]
Fitch ups India’s growth forecast to 7.8% for FY19
NEW DELHI: Fitch Ratings on Friday upped India’s growth forecast for the current fiscal to 7.8 per cent, from 7.4 per cent projected earlier. In its Global Economic Outlook, Fitch, however, flagged tightening of financial conditions, rising oil bill and weak bank balance sheets as headwinds to growth. “We have revised up our forecast for […]