What Happened: Fitch Ratings Agency has maintained its BBB- credit rating for India, while projecting an economic growth rate of 6.6 percent for the current fiscal year ending March 31, 2020, The Economic Times reported Sept. 11.
Why It Matters: Boosting economic growth is Indian Prime Minister Narendra Modi's paramount domestic challenge after returning to power in a landslide election victory in May. While the Indian government has already announced stimulus measures, it is also planning to keep its fiscal deficit within 3.3 percent.
Background: India's economy grew by 5 percent in the first quarter of its fiscal year between April and June, representing its slowest rate of expansion since 2013.
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