The International Monetary Fund (IMF) has cutits projection for India`s economic growth by 0.3 percentage points to 7percent for the fiscal year 2019-20 owing to the "weaker-than-expectedoutlook" for the domestic demand.
The growth is expected to rise to 7.2 percent points inFY21, down by the projected growth rate of 7.5 in the earlier report.
"India`s economy is set to grow at 7.0 percent in 2019, picking up to 7.2 percent in 2020.The downward revision of 0.3 percentagepoint for both years reflects a weaker-than-expected outlook for domesticdemand," the International Monetary Fund (IMF) said in its World EconomicUpdate. Similarly, the global growth forecast for FY20 has been cut down by 0.1percent points to 3.2. This is the fourth consecutive time that the globalgrowth forecast has been lowered.
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