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India growth outlook best among BRICS nations
Anticipating the revival of capital flow into India following the political stability, the global rating agency, Fitch, on Wednesday predicted that the GDP growth of the country will pick up to 5.6 per cent in the fiscal 2015.
To grow 5.6% this fiscal, 6.5% in FY'16, says Fitch
New Delh:: Anticipating the revival of capital flow into India following the political stability, the global rating agency, Fitch, on Wednesday predicted that the GDP growth of the country will pick up to 5.6 per cent in the fiscal 2015.
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Fitch stated: "India will be the only BRIC country where growth picks up in 2014, to 5.6 per cent, with an expected further increase to 6.5 per cent in 2015-16 due to an expected improvement in business environment."
"The new government has started rolling out a number of policies, which may improve the efficiency of the bureaucracy and strengthen the investment climate," Fitch said.
It however sees the slowdown in Chinese economy in the years to come. The rating agency expects China's GDP growth to moderate to 7.2% in 2014, 6.8% in 2015 and 6.5% in 2016 as it gradually rebalances while seeking to contain leverage.
And, on the other hand, it says that now the political uncertainty was disappeared since the new government takes reigns last May, the investment is likely to rise. Fitch expects GDP growth to pick up to 5.6 per cent in FY15 (ending in March) and 6.5 per cent in both FY16 and FY17, the agency said in its global economic outlook report.
RBI also has projected a 5.5 per cent GDP growth in the current fiscal and 6.3 per cent for 2015-16.
Fitch further said the expected pick-up is supported by the 5.7 per cent GDP growth in April-June quarter of current fiscal. India had clocked sub-5 per cent growth in the previous two fiscals. It grew 4.5 per cent in in 2012-13 and 4.7 per cent in 2013-14.
Fitch said lifting GDP growth to substantially higher levels would require large productivity gains through implementation of reforms related to governance, product and labour markets, as well as reduction of infrastructure bottlenecks.
It said India will be the only BRIC nation where growth picks up in 2014 and further accelerates in 2015 owing to an expected improvement in business environment.
The agency has a stable outlook on India's 'BBB-' rating.
