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Financial News: India Forecasts Slower Growth For 2019-20

India Forecasts Slower Growth For 2019-20

01/07/2020 - 09:10:00 (RTTNews)

(RTTNews) - The Indian government released its advance economic growth estimate for the fiscal year ending in March, on Tuesday, that showed the pace of expansion slowing sharply.

Gross domestic product growth is set to come in at 5.0 percent in the 2019-20 fiscal year versus 6.8 percent in the 2018-19 period.

In December, the Reserve Bank of India had sharply lowered its real GDP growth outlook for 2019-20 to 5 percent from 6.1 percent, citing a delay in revival of domestic demand, a further slowdown in global economic activity and geo-political tensions as downside risks.

The International Monetary Fund currently forecasts India's growth at 6.1 percent for the current fiscal and 7 percent for 2020-21.

The IMF Chief Economist Gita Gopinath has said that the country's growth forecasts are likely to see significant downward revision in the January update of the World Economic Outlook.

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