IMF: India's economic growth is 'much weaker' than expected

Speaking at a news conference late-Thursday, the International Monetary Fund (IMF) spokesman Gerry Rice said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies, as cited by Asian News International.

Key Points:

"Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say."

“The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 percent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.”

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