India Ratings revises FY20 GDP forecast to 6.7% from earlier prediction of 7.3%

New Delhi, Aug 28 (ANI): Research and ratings firm India Ratings revised its growth forecast for financial year 2019-2020 to 6.7 per cent from earlier prediction of 7.3 per cent in wake of the visible economic slowdown. "The growth in consumption demand is not on the expected lines, and there are many reasons for it. But in the last few quarters, both rural and urban consumption demand took a hit, and therefore, we have downward revised our GDP forecast from 7.3 per cent to 6.7 per cent," said Sunil Kumar Sinha, Principal Economist, India Ratings.