World Bank has given a big blow to India amid economic downturn. The World Bank has now reduced India’s growth rate to 6%. India’s growth rate in 2018-19 was 6.9 per cent. However, in the latest edition of South Asia Economic Focus, the World Bank also said that in 2021, India will recover growth rate to 6.9% again. The World Bank said that India’s economic growth rate has fallen for the second consecutive year. It was 7.2 per cent in 2017-18, which has come down to 6.8 per cent in 2018-19. Industrial output growth increased to 6.9 per cent as manufacturing and construction activities increased, while growth in agriculture and service sectors was 2.9 per cent and 7.5 per cent.
Earlier, credit rating agency Moody’s also lowered India’s GDP growth estimate once again. Moody’s estimates that India’s GDP growth for the financial year 2019-20 could be 5.8 per cent. Earlier Moody’s GDP growth estimate was 6.2 per cent. In this regard, Moody’s has cut the GDP growth estimate by 0.4 per cent. Earlier, the International Monetary Fund (IMF) Chief Cristalina Georgieva warned about the economic slowdown, saying that the global economy is witnessing economic slowdown, due to which the growth rate of 90 per cent countries will be slow. India will be most affected due to the fast emerging economy.
World Bank reduced India’s growth rate to 6% from 6.9%
