| Date: |
04-07-2011 |
| Subject: |
Fitch Revises GDP Growth To 7.7% for '11 |
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As the stern anti-inflationary stance of RBI crimps growth and demand, ratings agency Fitch has lowered its growth forecast for the domestic economy in 2011 to 7.7% from 8.3%.
"The growth has clearly hit a soft patch, as GDP grew only 7.8% in the first quarter of 2011, down from 8.4% in Q4 FY10, and 8.9% in Q3 FY10," said Fitch in its outlook report.
Fitch joins IMF and World Bank that have projected sub-8% growth for the domestic economy this fiscal, in a major drop from 8.5% last year. According to Fitch, RBI may have to raise rates further.
Source : timesofindia.indiatimes.com
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