IMF cuts India's growth estimate to 6.1%
New Delhi: The International Monetary Fund (IMF) has cut its 2019 year growth projection for India to 6.1% from 7% in July, urging India to resort to monetary policy and broad- based structural reforms to eliminate weaknesses and boost confidence among Investors.
The IMF estimated the growth percentage for India at 6.1% in its latest World Economic Outlook and added that the growth rate will be 7% in 2020.
The growth estimate for 2020 has been also revised from an earlier 7.2%.
The growth estimates have been slashed owing to weak domestic demand.
India is the second economy to have suffered the highest downward revision, the first being Saudi Arabia whose economy will grow at 1.7% less than the earlier IMF estimates.
China, on the other hand, suffered a cut of 0.1% and is expected to achieve 6.1% in 2019.
The IMF noted that India has addressed the fundamentals of its economy, however, the banking and the non-banking sector need special attention.
India must continuously address the long term drivers of growth and invest in human capital, especially, the women, who remain at home despite being talented, the IMF stated.
IMF Managing Director Kristina Georgieva, however, said India is experiencing slowdown like the rest of the world and IMF predicts a 6.1% growth in 2019 for it.
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