Moody’s cuts India GDP growth forecast to 6.2% for 2019

Moody’s cuts India GDP growth forecast to 6.2% for 2019

Moody’s cuts India GDP growth forecast to 6.2% for 2019

The credit rating agency Moody’s Investors Service has cut India’s gross domestic product (GDP) growth rate to 6.2 per cent for financial year 2019 against its earlier projection of 6.8 per cent.

The Moody's Investors Service reduced the estimate by a similar by a similar 0.6 percentage points to 6.7% for 2020 financial year.

According to Moody’s Indian economy had expanded by 6.9 per cent in 2017 and 7.4 per cent in 2018.

GDP growth rate had hit a five-year low of 5.8 per cent in the January-March quarter and the government is slated to announce the first quarter (April-June) growth number on August 30.

India would again become the fastest growing large economy, at least in Asia, next financial year as the Chinese GDP growth rate would come down to 5.8 per cent.