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- India Ratings and Research has revised downwards its projection of the country’s GDP growth in financial year 2019-20 to 6.7% from an earlier estimate of 7.3%
- The reasons cited for lowering the growth projection are a) a slowdown in consumption demand; b) delayed and uneven progress of monsoon so far; c) decline in manufacturing growth; d) inability of Insolvency and Bankruptcy Code to resolve cases in a time-bound manner, and e) rising global trade tension adversely impacting exports.
- Recently, the Moody’s Investors Service has also cut the GDP growth forecast for the current financial year to 6.2% from the previous estimation of 6.8%.
