Mumbai: The IMF on Tuesday reduced India’s GDP growth to 6.1 per cent for the year 2019, which is 1.2 per cent lower than the April estimates.
In April, the International Monetary Fund (IMF) said that India will grow at a rate of 7.3 per cent in 2019.
However, three months later it projected a slower growth rate for India in 2019, a drop of 0.3 per cent.
The IMF has reduced the growth estimate by 90 core points. This is the second negative revision of the IMF in seven months and with a shortfall of 120 basis points.
The IMF announcement comes after two days by the World Bank (WB), with the report stating that India’s economic growth rate in the current financial year is 6 per cent, lower than the Reserve Bank of India’s latest revised 6.1 per cent.
“After a broad-based slowdown in the first quarter of this fiscal year in India, growth is projected to fall to 6.0 per cent this fiscal year,” the report titled South Asia Economic Focus, 2019 Fall: Making (D) Centralization work’
According to the news agency PTI report, according to WB, the growth rate in 2018-19 stood at 6.9 per cent, down from 7.2 per cent in FY 2017-18.
However, the bank said in its latest edition of the South Asia Economic Focus that the country expected gradual recovery of 6.9 per cent in 2021 and 7.2 per cent in 2022.
According to the news agency PTI report, according to WB, the growth rate in 2018-19 stood at 6.9 per cent, down from 7.2 per cent in FY 2017-18.
However, the bank said in its latest edition of the South Asia Economic Focus that the country expected gradual recovery of 6.9 per cent in 2021 and 7.2 per cent in 2022.
Industrial production growth increased to 6.9 per cent due to an increase in manufacturing and manufacturing activities, while agriculture and services sector growth was limited to 2.9 and 7.5 per cent respectively.
The report said that in the first quarter of 2019-20, the economy experienced a significant and broad-based growth slowdown, with a steep decline in private consumption on the demand side and a weakening of growth in both industry and services, the report Having said.
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