Moody’s Investor Services on Thursday slashed its 2019-20 growth forecast for India to 5.8% from 6.8% earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors. Last month, Asian Development Bank and the Organisation of Economic Co-operation and Development lowered FY20 growth forecast for India by 50 basis points and 1.3 percentage points to 6.5% and 5.9%, respectively. Last week, the Reserve Bank of India also slashed its growth projection for the economy by 80 basis points to 6.1% for 2019-20. Rating agency Standard Poor’s has also pared down its India growth forecast to 6.3% from 7.1% earlier. Compared with only two years ago, the probability of sustained real GDP growth at or above 8% has significantly diminished," it added.

Source: Mint October 10, 2019 05:37 UTC