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Jan 20, 2020, 08:46:55 PM | Times Now
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International Monetary Fund lowers India growth estimate to 4.8% for 2019; cuts global forecasts too

The International Monetary Fund (IMF) on Monday lowered growth estimate for India to 4.8 per cent for 2019, citing stress in the non-bank financial sector and weak rural income growth as the major factors for the downward revision. India saw a sharp 1.2 percentage point cut to its 2020 growth forecast to 5.8% -- the IMF’s biggest markdown for any emerging market -- because of the domestic credit crunch. Monetary and fiscal stimulus is expected to lift India’s growth rate back to 6.5% in 2021, although this is still 0.9 percentage point lower than forecast in October. IMF chief economist Gita Gopinath said growth in India slowed sharply owing to stress in the non-bank financial sector and weak rural income growth.

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