Fitch Ratings on Friday cut India's GDP projections for the current fiscal to 6.3 per cent and said it expects a limited direct impact of higher US tariffs on Indian corporates.

In its Global Economic Outlook in April, Fitch had estimated India's GDP growth at 6.4 per cent for 2025-26.

"We expect India's GDP growth of 6.3 per cent and robust infrastructure spending to underpin healthy demand for cement and building materials, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26," Fitch said in its India Corporates Credit Trends report released on Friday.

Fitch Ratings expects credit metrics to improve for its rated Indian corporates in the financial year ending March 2026, as wider EBITDA margins offset their high capex intensity.GDP will go below 6.2% in FY26, if 25% US tariff continues post Sep: S&P 

India's not giving market access to the United States in the agriculture and Dairy products sectors is likely to be the reason for not reaching on a trade agreement, noted S&P Market Intelligence report released on Friday.

The report further says, if 25 per cent tariff imposed by U.S. will remain in place beyond September 2025, India's GDP will be adjusted downwards. S&P Market Intelligence has projected India's GDP for FY 2025-26 at 6.2 per cent in July, down from a GDP growth of 6.5 per cent in FY 2024-25.