(MENAFN) Fitch Ratings downgraded its economic forecast for India to stand at 6.6 percent from 6.8 percent, marking the second time in a row for such a move as it cut March's forecast from the previous 7 percent anticipation.
This reduction is attributed to indications of slowdown in manufacturing and agriculture sectors over the past year.
The cut in growth forecast comes ahead of the presentation of the Union Budget on July 5.
Indian economy grew at its slowest pace in five years at 6.8 per cent in 2018-19, while in the first quarter of 2019 the growth slumped to a five-year low of 5.8 per cent.
Fitch stated: "we see growth for FY2019-2020 printing at 6.6 per cent, before stepping up to 7.1 per cent in FY 2020-2021 and 7.0 per cent in FY 2021-2022."