Moody’s cuts India’s GDP growth forecast for 2019-20 to 5.6% from 5.8%

On Thursday, Moody’s Investors Service slashed India’s economic growth forecast to 5.6% for 2019, calling it as government's weakness in addressing consumption demand.
“India’s economic slowdown is lasting longer than previously expected.” Moody’s report said over India’s economic growth forecast for 2019-20.
It added, India’s economic growth has decelerated since mid-2018, with real GDP growth slipping from nearly 8% to 5% in the second quarter of 2019.
It says though the government has undertaken several measures to arrest the growth slowdown include bank recapitalization but none of these measures directly address the weakness in consumption demand.
Moody’s said while its baseline forecasts assume that economic momentum will pick up, there are risks to the downside.

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