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Fitch cuts India’s GDP growth projection to 6.6%

Global rating agency Fitch Ratings has cut its India’s GDP growth forecast for the second consecutive time to 6.6% for the current fiscal. It had earlier cut its forecast from 7% to 6.8% in March 2019. The agency stated, “This is the slowest growth outturn in five years. The slowdown over the past year has been driven by steadily cooling activity in the manufacturing sector and, to a lesser extent, agriculture. Weaker momentum has been mainly domestically driven, though export growth has also faltered more recently.” It also expects another rate cut by the RBI later this year.