New Delhi [India], May 12 (ANI): Credit rating agency Fitch said that India's economic growth will accelerate to 7.3 percent in the current financial year and 7.5 percent in the next fiscal year.

In its second-quarter Sovereign Credit Overview for Asia Pacific region, Fitch said the growth rate will accelerate as money supply has recovered to its pre-demonetisation level and disruptions related to the rollout of the Goods and Services Tax (GST) have diminished.

The agency said that India's ratings balance a strong medium-term growth outlook and favourable external balances against a weak fiscal position and difficult business environment.

But the country's business environment is likely to improve gradually with the implementation and continued broadening of the government's structural-reform agenda, Fitch said. (ANI)