The International Monetary Fund (IMF) has lowered India's growth projection in 2019 to 7 per cent, picking up to 7.2 per cent in 2020.
While the IMF pegged its forecast for the global growth at 3.2 per cent in 2019, it predicted India's economy to grow at 7 per cent in the same time period, picking up to 7.2 per cent by 2020. "The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for domestic demand," a statement from IMF read.
India remains one of the fastest-growing economies in the world and the IMF predictions - despite the most-recent projection - only underline the massive strides taken. IMF had previously - in March of 2019 - taken note of key reforms in the country and had credited these for the momentum. "Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," Gerry Rice, IMD communications director, had been quoted as saying. (Full report here)
Things are not too bright on the global front with trade tensions providing a rather bleak outlook.