India’s Financial growth is much weaker than expected IMF (International Monetary Fund) on Thursday said that
than expected due to corporate and environmental regulative change and “lingering weakness” in some non-Bank financial firms.
“Again, we will have a fresh collection of numbers coming up, but the current financial growth in India is much weaker than expected,
mainly due to corporate and environmental administrative uncertainty and lingering instability in some non-Bank financial companies and risks to the outlook are turned to the downside, as we like to say,”
IMF spokesperson Gerry Rice told journalists at a news conference.
The economic growth reduced to a 7-year low to 5% in April to June quarter from 8% a year ago, as per the gov.. data.
The IMF International Monetary Fund has cut its forecast for India’s economic growth by 0.3 percentage points to 7% for
the financial year 2019-20 owing to the “weaker than expected outlook” for the domestic demand.
The growth is anticipated to rise to 7.2% points in FY21, falling by the projected -growth rate of 7.5 in the earlier report.
India’s Financial growth is much weaker than expected IMF ,The slowdown was mainly due to a sharp dip in the industrial sector, and agriculture production said the Ministry of Statistics and details Implementation in a statement.
The prior low was recorded at 4.9% in April to June 2012-13. Consumer demand and private investment have lost amid global trade frictions and dampening business sentiment.