Fitch raises India’s 2018/19 growth forecast to 7.8%

NEW DELHI (Reuters): Fitch Ratings has upwardly revised its forecast for India’s economic growth to 7.8% from 7.4% for the current financial year ending in March 2019, it said in a statement on Friday.

“The economic outlook is subject to several headwinds including tightening of financial conditions, a rising oil bill and weak bank balance sheets,” the statement added. Indian economy grew 8.2% in April-June quarter and the Reserve Bank of India (RBI) expects Asia’s third-largest economy to grow 7.4% in the 2018/19 fiscal year.