OECD noted that GDP growth in India has proved surprisingly weak in recent quarters, with consumer spending having slowed and tight financial conditions restraining investment. The organization cut the growth forecast for FY2019 by 1.3% from its previous projection to 5.9%. Growth is expected to strengthen from around 6% in FY 2019 to just over 6.25% in FY 2020. The FY2020 growth projection has also been cut by 1.1% compared to its previous estimate. Lower interest rates and stronger benefits from reform efforts should all help private sector demand to strengthen.
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