A labourer works on the construction site of a residential building in Mumbai, Maharashtra, India, May 29, 2015. REUTERS/Shailesh Andrade/Files

NEW DELHI (Reuters) - Fitch Ratings has upwardly revised its forecast for India’s economic growth to 7.8 percent from 7.4 percent for the current financial year ending in March 2019, it said in a statement on Friday.

“The economic outlook is subject to several headwinds including tightening of financial conditions, a rising oil bill and weak bank balance sheets,” the statement added.

Indian economy grew 8.2 percent in April-June quarter and the Reserve Bank of India (RBI) expects Asia’s third-largest economy to grow 7.4 percent in the 2018/19 fiscal year.