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Fitch downgrades India outlook to "negative"

  • Ratings agency Fitch has cut its outlook for the Indian economy to negative.

    Fitch warned India's growth potential "will gradually deteriorate if further structural reforms are not hastened".

    The downgrade comes just days after Standard & Poor's warned India could lose its investment grade status.

    The country’s economy grew at an annual rate of 5.3 percent in the first quarter, the slowest in nine years while consumer prices have remained stubbornly high.

    On Monday, the Reserve Bank of India left its key interest rate unchanged despite pressure to lower borrowing costs.