New Delhi, Apr 4 (PTI) Credit rating agency Fitch today downgraded Indian economy's growth projection to 8.3 per cent for 2011-12 on account of high inflationary pressures that has forced the Reserve Bank to hike key rates.
The agency had earlier projected the country's growth for the current fiscal at 8.5 per cent. It, however, kept its projection for 2012-13 unchanged at 8 per cent.
"India's economy grew 8.7 per cent in FY'11 (the year to end-March 2011) on the government's estimate, in line with Fitch's expectation.
The agency revised its FY'12 growth forecast down marginally to 8.3 per cent from 8.5 per cent as inflation is easing less quickly than anticipated," Fitch said in its report -- Global Economic Outlook (GEO).
The wholesale prices rose 8.3 per cent in February 2011 compared to the year-ago period, which is up from 8.2 per cent in January, it added.