Global rating agency Fitch has further lowered its growth forecast for India in 2011 to 7.7 per cent from 8.3 per cent. “The growth has clearly hit a soft patch as GDP grew only 7.8 per cent in the first quarter of 2011, down from 8.4 per cent in the fourth quarter of 2009-10 and 8.9 per cent in the third quarter,” Fitch Ratings said in its report.
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