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ADB trims India's GDP growth forecast to 5.1% in FY20

ADB trims India's GDP growth forecast to 5.1% in FY20
Image Credit: ANI

The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 percent saying consumption was affected by slow job growth and rural distress aggravated by a poor harvest. In September, ADB forecast India's GDP to grow 6.5 percent in 2019-20 and 7.2 percent in the year thereafter.

"India's growth is now seen at a slower 5.1 percent in the fiscal year 2019-20 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch. "Also, consumption was affected by slow job growth and rural distress aggravated by a poor harvest," it said.

ADB said growth should pick up to 6.5 percent in the next fiscal year with supportive policies.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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