The revival of the government’s reform agenda in the wake of the coronavirus pandemic can potentially raise India’s medium-term growth rates, Fitch Ratings said on Friday. However, downside risks to growth persist and any worthwhile assessment of the effective implementation of reforms will take time, it added. The agency had in September forecast India’s real GDP to shrink by a record 10.5% in FY21, thanks to the pandemic. However, it predicted a rebound in growth to as much as 11% in the next fiscal and 6% in FY23. The agency hailed the government’s plan to privatise some state-owned enterprises, of which more than 200 are owned by the Centre and 800 by state governments. The Centre will soon bring in a policy under which at best four state-run entities will be allowed to operate in each of the specified strategic sectors.