*Washington: Indian economic conditions face setback as the growth hits 7years low under PM Modi government. *
International Monetary Fund said that India’s economic growth is “muchweaker” than expected due to corporate and environmental regulatoryuncertainty and “lingering weakness” in some non-bank financial companies.
“Again, we will have a fresh set of numbers coming up, but the recenteconomic growth in India is much weaker than expected, mainly due tocorporate and environmental regulatory uncertainty and lingering weaknessin some non-bank financial companies and risks to the outlook are tilted tothe downside, as we like to say,” IMF spokesman Gerry Rice told reportersat a news conference.
The economic growth slowed to a seven-year low to 5 per cent in April toJune quarter from 8 per cent a year ago, as per the government data.
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The International Monetary Fund (IMF) has cut its projection for India’seconomic growth by 0.3 percentage points to 7 per cent for the fiscal year2019-20 owing to the “weaker-than-expected outlook” for the domestic demand.
