India's economy faces a blow under Modi regime
NEW DELHI: India's economy faces a blow under Modi regime as the growth rate predictions had been slashed.
Moody’s Investors Service on Thursday cut its growth forecast for India for the fiscal year that began in April to 5.8pc from 6.2pc and said a weaker growth outlook will dampen the prospects for fiscal consolidation.
The ratings agency had lowered India’s growth forecast to 6.2pc from 6.8pc in August.
India’s growth fell to a six-year low of 5pc in the April-June quarter led by weak demand for consumer products and stress in the financial sector, prompting the central bank to cut its 2019-20 growth forecast to 6.1pc last week from 6.9pc.
Moody’s forecast Asia’s third-largest economy would grow 6.6pc in fiscal 2020/21 starting next April.