Fitch maintains India's growth forecasts at 7 pc for FY23

In its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 percent in the current fiscal and slow to 6.2 percent in 2023-24 and 6.9 percent in 2024-25.

The country’s domestically focussed nature of economy, with consumption and investment making up the bulk of the country's GDP, shields it from global economic turmoil, the report noted.

India could be one of the fastest-growing emerging markets this year, it said.

"India is expected to record one of the fastest growth rates among emerging markets in our Fitch20 coverage this year," it said.

Fitch said India is shielded from some global economic shocks but is not impervious to global developments.

“The worldwide economic slowdown is expected to reduce demand for Indian exports," it said.