India Ratings and Research (Ind-Ra) projects India’s GDP growth to 7.2% for FY19

India Ratings and Research (Ind-Ra) has revised down India’s GDP growth to 7.2% for FY19 from 7.4% earlier in its latest report titled ‘Mid-year FY19 Outlook’. The key reason for this is the upward revision in the estimation of inflation for 2018-19 due to increasing crude oil prices and the government’s decision to fix the minimum support prices of all kharif crops at 1.5 times the production cost. On rupee, the rating agency stated that in 2018, rupee has already depreciated 7.7% till July in response to elevated global turbulence, worsening of current account, rising inflation and concerns related to fiscal deficit. It expects the aggregate fiscal deficit of the states to moderate to 2.8% of GDP. Ind-Ra is one of the India’s most respected credit rating agency that provides ratings, research and rigorous analytics of market in India. The headquarters of Ind-Ra is located in Mumbai and is belong to Fitch group.