Fitch Ratings this week raised India growth forecast for 2018-19 to 7.4 per cent from 7.3 per cent, but cited higher financing costs and rising oil prices as risks to growth.
For 2019-20, it estimated the country to grow at 7.5 per cent.
The economy grew at 6.7 per cent in 2017-18 and 7.7 per cent in January-March quarter.
According to Fitch, India has better macroeconomic fundamentals than in 2013 and very low foreign ownership rates in the domestic government bond market, but the current account deficit has been widening as a result of rising oil prices, reviving domestic demand and poor manufacturing export performance, it said.
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