The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.
International
Monetary Fund (IMF) on Thursday said that India's economic growth
is "much weaker" than expected due to corporate and
environmental regulatory uncertainty and "lingering weakness"
in some non-Bank financial companies.
"Again,
we will have a fresh set of numbers coming up but the recent economic
growth in India is much weaker than expected, mainly due to
corporate and environmental regulatory uncertainty and lingering
weakness in some non-Bank financial companies and risks to the
outlook are tilted to the downside, as we like to say," IMF
spokesman Gerry Rice told reporters at a news conference.
The
economic growth slowed to a seven-year low to 5 per cent in April to
June quarter from 8 per cent a year ago, as per the government data.
The
International Monetary Fund (IMF) has cut its projection for India's
economic growth by 0.3 percentage points to 7 per cent for the fiscal
year 2019-20 owing to the "weaker-than-expected outlook"
for the domestic demand.
The
growth is expected to rise to 7.2 per cent points in FY21, down by
the projected growth rate of 7.5 in the earlier report.
The
slowdown was largely due to a sharp dip in the manufacturing sector
and agriculture output, said the Ministry of Statistics and Programme
Implementation in a statement.
The
previous low was recorded at 4.9 per cent in April to June 2012-13.
Consumer demand and private investment have weakened amid global
trade frictions and dampening business sentiment.
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