As economic slowdown worsens, Crisil cuts India’s FY 2020 GDP growth forecast to 6.3%

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...
New Delhi, Sep 4 (IANS) Crisil Research on Wednesday said it has revised downwards its India GDP growth forecast for fiscal 2020 to 6.3 per cent from an earlier estimated rate of 6.9 per cent.

Just a week back, a plunge in domestic private consumption demand, slump in manufacturing, halving of merchandise exports growth, and a high-base effect from last year gnawed away at first-quarter growth which came in at 5 per cent.

Fiscal 2020’s first quarter GDP growth at 5 per cent was the slowest in 25 quarters.

“Nevertheless, given the twin trouble of slack private consumption and manufacturing in the quarter, we believe the remaining quarters are unlikely to over reach to take the full year number to our earlier forecast of 6.9 per cent,” the firm said.

According to the firm, the 6.3 per cent GDP growth rate is under the assumption that the second quarter will see some mild pick-up in growth, which continues through the year.

“We expect growth to get some lift from the low base effect that will now set in (second half fiscal 2019 GDP growth was at 6.2 per cent),” the firm said.

“An easing monetary policy, improved transmission of rate cuts, and the government’s minimum income support scheme to farmers would also feed into consumption. The recently announced steps by the Finance Minister will also address some pain points and support sentiment.”

–IANS

Disclaimer This article is published directly through a syndicated feed and not edited by The Indian Wire staff.

- Advertisement -

Latest News

Rani Mukerji: Without self-doubt, you can’t move ahead in life

By Durga ChakravartyNew Delhi, Nov 19 (IANS) She has been around in Bollywood for over two decades and has...

‘Libyan conflict inflicts devastating impact on health care’

United Nations, Nov 19 (IANS) The UN envoy for Libya has reported "devastating impact" that the escalated Libyan conflict this year has inflicted on...

Liam Gallagher says brother Noel is trying to shut his Twitter account

London, Nov 19 (IANS) Singer Liam Gallagher has called out his brother Noel for trying to "shut down" his Twitter account, even as Noel...

Over 10 mln Afghans suffer acute food insecurity: UN

United Nations, Nov 19 (IANS) United Nations Deputy Secretary-General Amina Mohammed has said that women's inclusion is critical to sustainable peace and development in...

Naomie Harris wants to buy a rural home

Los Angeles, Nov 19 (IANS) Actress Naomie Harris, who is currently living in London, wants to buy a more rural abode where she can...
- Advertisement -

More Articles Like This