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

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....
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

R&D centre for clean coal unveiled in Bengaluru

Bengaluru, Sep 16 (IANS) Union Minister of Science and Technology Harsh Vardhan on Monday opened the national centre for...

RBI expands BBPS coverage to all categories

Mumbai, Sep 16 (IANS) The Reserve Bank of India on Monday expanded the Bharat Bill Payment System coverage to included all categories of billers,...

Wanted criminal held in Narela murder case

New Delhi, Sep 16 (IANS) With the arrest of 25-year-old history-sheeter, the Delhi Police claimed to have solved the Virender Maan murder case, who...

GM, TCS launch partnership for global vehicle engineering

New Delhi, Sep 16 (IANS) Automobile manufacturer General Motors and IT major Tata Consultancy Services on Monday entered into a partnership for future global...

Italy resuming a central role in Europe: EU Commissioner

Rome, Sep 16 (IANS/AKI) With its new left-leaning government, Italy, a founder member of the European Union, and the eurozone's third largest economy, is...
- Advertisement -

More Articles Like This