India’s GDP growth rate ‘much weaker’ than expected: The International Monetary Fund have said that India’s economic growth is “much weaker” than expected due to corporate and environmental regulatory uncertainty and lingering weaknesses in some non-banking financial companies.
IMF Report:
- India’s GDP growth rate slipped to 5 per cent in the first quarter of 2019-20, the lowest in over six years, according to latest official data.
- The International Monetary Fund (IMF) in July projected a slower growth rate in 2019 and 2020 for India.
- A downward revision of 0.3 per cent for both the years, its Gross Domestic Product (GDP) will now grow at the rate of 7 % and 7.2 % respectively, reflecting a weaker-than expected outlook for domestic demand.
- Its latest assessment indicates the multilateral body will likely trim its India growth forecast again in October when it will update its projections for global growth.
- India will be the fastest growing major economy of the world ahead of china had been said by the Washington based global financial institution.
- Various domestic and foreign analysts have trimmed their India forecasts for the current fiscal, with some pegging it at below 6.5%.
- The previous low in GDP growth was recorded at 4.3 per cent in January-March quarter of 2012-13. India’s economic growth stood at 8 per cent in the same quarter of 2018-19.
- The economic growth slowed to a seven year low of 5% in April to June quarter from 8% a year ago.
The GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at Rs 35.85 lakh crore, as against Rs 34.14 lakh crore in Q1 of 2018-19, showing a growth rate of 5 %,” the National Statistical Office (NSO) said in a statement.
The big growth slowdown over the last two quarters was despite the fiscally stressed government continuing to pump-prime the economy via budgetary and extra-budget expenditure.
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