New Delhi: In the midst of the ongoing recession in the country, all kinds of economic agencies are making their own estimates about the country's growth rate. Most agencies have lowered their estimates. In this episode, another rating agency has estimated the country's growth rate in the current financial year. Rating agency Fitch has forecast a growth rate of 6.6 per cent. Which is less than 6.8 per cent last year. Fitch said that India has limited scope to simplify fiscal policies due to high debt.
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With this, Fitch also talked about improving the economy next year. Fitch said India's GDP growth could improve to 7.1 per cent next year. Fitch pointed out that India's GDP growth declined for the fifth consecutive quarter. The agency said that the GDP growth in the April-June quarter was 5 per cent, which is a minimum of six years. Rating agency Fitch said that domestic demand is declining, both private consumption and investment are declining, while the global trade environment is also weak.
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Also, Fitch said that the manufacturing sector is growing at just 0.6 per cent. The agency said that due to high public lending, there is limited scope to simplify fiscal policies. Please note that the government has become aware of the continuous failure on the economic front. The government has taken several steps. But no expected success has been realized so far.
Finance Minister gave this statement on the issue of fall in GDP