In a reflection of the difficult times ahead for the economy, Fitch Ratings has scaled down its projections on India’s growth to 4.8 per cent for the current fiscal from the earlier estimate of 5.7 per cent made in June. Pointing out that weak demand is a “large drag” on the country’s economy, the global rating agency in its ‘Global economic outlook’ released on Thursday said that the new estimate underlined the “severity of the growth shock.”

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