International ratings agency Fitch on Monday lowered the country's GDP growth projection for 2017-18 to 6.7 per cent.
According to Fitch's December Global Economic Outlook (GEO), the global ratings agency reduced the growth forecast for the fiscal year to end-March 2018 (FY18) to 6.7 per cent from 6.9 per cent.
"The Indian economy picked up in 3Q17, with GDP growing by 6.3 per cent yoy (year-on-year), up from 5.7 per cent in 2Q17. However, the rebound was weaker than we expected, and we have reduced our growth forecast for the fiscal year to end-March 2018 (FY18) to 6.7 per cent from 6.9 per cent in the September GEO," the ratings agency said in its report.
"The FY19 forecast has been cut to 7.3 per cent from 7.4 per cent. Growth has repeatedly disappointed in recent quarters, although this has partly reflected one-off factors including the demonetisation programme of November 2016 and disruptions related to the implementation of the introduction of the Goods and Services Tax in July 2017."
--IANS
rv/vm
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)