Fitch expects India's sovereign rating to remain unchanged despite the government's efforts for fiscal consolidation. The general government debt is projected to stay above 80% of GDP over the next five years, with a deficit reduction target of 4.5% by FY26. Fitch's forecast indicates a deficit ratio of 5.1% in FY25, and GDP growth of 6.5%. The government's focus on capex investment is expected to support the growth outlook in FY25, with a planned expenditure of Rs 11.11 lakh crore, representing a 16.9% increase from FY24's revised estimates.
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