Search Result for : Fitch

The Dollar Business Bureau International credit rating agency Fitch on Thursday projected India’s economic growth rate at 7.3% in the next financial year of 2018-19 and at 7.5% in the 2019-20 fiscal, as the Indian economy is showing signs of recovery because the disruptions caused due to demonetisation and goods and services tax (GST) have gradually diminished. However, India’s economic growth rate is estimated at 6.5% in the current fiscal, a little lower than the official estimates of 6.6% by the Central Statistics Office (CSO),” according the Fitch’s Global Economic Outlook report. Indian economy grew at the rate of 7.1% in 2016-17. “The pick-up in growth is likely as the influence of one-off policy-related factor which was dragging growth has now waned,” the US-based ...

PTI Upset over not getting a rating upgrade, India has lashed out at global rating agencies saying they are far detached from ground realities and must introspect as the reforms initiated certainly warranted an upgrade. Economic Affairs Secretary Shaktikanta Das said India was being denied an upgrade even as growth and fundamentals improve. In past too, India has questioned the methodology used by global rating agencies saying the nation compares favourably with other emerging countries on metrics such as default risk. In particular, it points to S&P Global Ratings keeping China at AA- despite rising debt and slowing growth while India has been kept at one step above junk. Moody's and Fitch too give similar rating citing ...

The Dollar Business Bureau The shipments of iron ore handled by India’s 12 major ports increased 169% to 38.61 million tonnes in the period April-January of the current financial year. The state-owned ports had managed 14.37 million tonnes of the key raw material used in steel-making in the same period of the previous fiscal. In its latest report, the Indian Ports Association (IPA), which keeps data of cargo handled by the major 12 ports, said that “percentage variation from previous year” in handling iron ore  was as high as 168.59% in the initial ten-month period of this financial year. Mining major, Vedanta, had said recently that the worst phase of the local iron ore industry is now over and showed confidence that the company’s Goa subsidiary is prepared to withstand the export momentum ...

The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...

The Dollar Business BureauUnderlining India’s strong macroeconomic parameters, the government on Tuesday held a meeting with the global credit rating agency Fitch and pitched for an upgrade in the country’s credit rating. Finance ministry officials explained to the agency about the government’s intended fiscal disciplines while indicating that the Union Budget 2017 will spur economic growth in the country. Recently, several credit rating agencies have denied providing an upgrade to the country’s credit ratings, citing reasons such as stressed balance sheets of corporates as well as banks. The government officials also asked Fitch to explain how it rated the credit ratings of any country. The Fitch officials, in turn, explained that they considered the government’s structural reforms, which ...

The Dollar Business Bureau Indian and Chinese banks will continue to remain under pressure in 2017 due to escalating bad loans, even with earnings and capital buffers are in a situation to withstand any serious threat, Fitch said in a report.  "Our 2017 outlook on more than three-quarters of the banks in the region is negative. Though earnings and capital buffers are generally strong enough to withstand these trends, we expect viability ratings to remain under pressure in China and India," the report said.  Referring to the 2017 outlook on Asia-Pacific banks, the credit rating agency said, "Most of Asia-Pacific's banks are facing a cyclical deterioration in asset quality in 2017, as a challenging economic environment continues to put pressure on borrowers.  Fitch noted ...

The Dollar Business Bureau Yesterday the Ministry of Commerce released statistical figures of the Eight Core Industries included in the Index of Industrial Productivity (IIP). Of the 8 core industries, 5 seemed to have performed well. The combined index of the 8 industries stood at 188.1 in Oct 2016 which is an increase of 6.6% compared to that of Oct 2015. It was also yesterday that the data released by the ministry of statistics and programme implementation showed that the GDP grew by 7.3% in the second quarter that ended in Sept. This is a slight increase than the 7.1% achieved in the previous quarter and much much stronger than that of China's 6.7%. In other words, India is still in the race ...

The Dollar Business Bureau The UK suffered another setback to its economic standing as its sovereign credit score has been downgraded by two top ratings agencies, who have said that last week's referendum to leave the EU would hurt the country’s economy. Standard & Poor's (S&P) stripped the UK of its top-notch rating, downgrading it by two notches from AAA to AA and also warned that the ratings could be slashed further. The rating agency also said the result of the referendum vote could lead to a decline in the economic performance of UK, including the country’s huge financial services sector. Another international credit rating agency, Fitch Ratings, also dropped its credit ranking for the UK by one grade, and said further cuts may ...