Rating agency Fitch Solutions has forecast a fall in India's fuel demand. Fitch Solutions estimates that the country's fuel demand may decline by 11.5 percent in the year 2020. The reduction in fuel demand is certainly not a good hint for the country's economy. Fitch has increased its estimate of a decline in the country's fuel demand amid the weakening of the country's economic landscape.
Economists of the same rating agency have predicted 8.6 per cent slowdown in India's real GDP (real GDP) in the current financial year, ie 2020-21. Earlier, he had predicted 4.5 per cent slowdown in India's GDP. On Saturday, the rating agency issued a statement. Accordingly, India's fuel demand has been widely affected and both industrial and users fuel demand has come down. Earlier, the rating agency had predicted India's fuel demand to decline by 9.4 per cent this year, but Fitch has increased this estimate after the country's economic outlook weakened.
According to Fitch Solutions, Indian Economics is projected to grow at five per cent in 2021 and 2022. According to the agency, economic activity will pick up after the epidemic is controlled. Significantly, in the first quarter of the current financial year, the country's GDP has recorded a slowdown of 23.9 percent. During this period, the slowdown was witnessed due to the nationwide lockdown imposed to prevent the spread of COVID-19 virus epidemic. With this, there has been a lot of change this year.
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