Demographic factors, where India is among the youngest countries in the world with a maximum number of people in the working age group, and investment rates will be aiding the country, it said in a report today.
The country is set to witness a continued robust growth in the working-age population in the next five years, bolstering growth potential, it said, adding Indonesia, Mexico, Turkey and Brazil will also benefit from a similar trend.
The GDP recovered to 6.3 per cent in the September quarter from a six-quarter-low of 5.7 per cent in the preceding June quarter. The RBI has massively cut its estimates on growth for the full fiscal to 6.7 per cent, but expects a bounce back in the remaining two quarters at 7 and 7.5 per cent, respectively.
Elaborating on its slower growth estimate on China, the agency the significant slowdown from recent historical average growth is on a deteriorating demographic outlook and a slowdown in the rate of capital accumulation as the investment rate has declined. The agency said India has an "impressive rate of capital accumulation per worker" which helps in maintaining the economic growth and also in upping the living standards.
It can be noted that Fitch's rival Moody's had surprised by revising upwards the sovereign ratings by a notch to Baa2, backing the reform processes undertaken by the government.
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