Globally, the report was buoyed by the deployment of vaccines to fight the Covid-19 pandemic.
Fitch Ratings said India'sGDP growth will slip to 0.8 per cent for the year April 2020 to March 2021 (FY21) as compared to an estimated 4.9 per cent growth in the previous fiscal.
Foreign demand and optimism were weaker in February than in January on rising concerns the spread of coronavirus outside China would affect major Asian economies significantly.
According to the Economic Survey for 2018-2019, though the growth rate was on a higher side, agriculture and allied sector growth declined.
Sitharaman said steps taken by the government post her maiden budget have started bearing fruits and some sectors such as automobiles have shown signs of recovery.
Prime Minister Narendra Modi's government is taking steps to try to attract investment to combat the slowdown.
Finance Minister Nirmala Sitharaman on Thursday met industry captains to seek consultations for boosting industrial growth in which India Inc placed a demand for a stimulus package of over Rs 1 lakh crore to beat the slowdown.
India's April-June economic growth rate could be 'relatively slower', Finance Secretary Subhash Chandra Garg said.
The world agency released the revised rating retaining India on the top of the growth list.