Ratings agency Moody's Investors Service has cut the estimate for India's economic growth rate for 2020 by 120 basis points compared to previous projection to 5.4%, according to media reports. The agency said that India's economy has decelerated rapidly over the last two years. Real GDP grew at just 4.5% in the third quarter (October-December) of 2019-20. Improvements in the latest high-frequency indicators such as Purchasing Managers' Index (PMI) data suggest that the economy may have stabilized, noted the agency.
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