The International Monetary Fund (IMF) said on Tuesday that it has cut the growth forecast for India by 20bps for the fiscal (FY) 2019-20. This is 20bps lower than January outlook and 10bps lower than October’s forecast. Though the growth is estimated to go up at 7.5% during 2020-21, still it will be 20bps lower than January and October 2018 forecast, the IMF said.
The IMF numbers are higher than those of the Reserve Bank of India, which had last week cut its growth forecast to 7.2% for this fiscal and 7.4% for FY21, as per latest edition of World Economic Outlook (WEO), released during 2019 Spring Meeting.
The report said that India’s (GDP) growth is supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy.
The IMF numbers are higher than those of the Reserve Bank of India, which had last week cut its growth forecast to 7.2% for this fiscal and 7.4% for FY21, as per latest edition of World Economic Outlook (WEO), released during 2019 Spring Meeting.
The report said that India’s (GDP) growth is supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy.
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