India's Economy Expected to Grow at an Average of 6.4% till 2028

Fitch Ratings on May 22 revised India's average annual growth forecast to 6.4% till 2028, up from the earlier estimate of 6.2% in November 2023.

The rating agency updated its five-year potential Gross Domestic Product (GDP) estimates, stating, "The Indian economy has rebounded more strongly than we expected at the time of the 2023 report, indicating less severe adverse effects from the global pandemic shocks."

In its updated forecast, Fitch raised India's average growth rate for 2023-2028 from 6.2% to 6.4%.

Additionally, Fitch slightly lowered its medium-term potential GDP estimates for the next five years for 10 emerging market economies included in the Global Economic Outlook (GEO).

The report stated, "Our new estimate indicates GDP weighted growth of 3.9%, which is lower than the 4% estimate from November 2023."