India Ratings and Research has cut its estimate of India’s economic growth rate in the current financial year. The rating agency has lowered the country’s economic growth rate estimate from 6.1 per cent to 5.6 per cent in 2019-20. The agency said in a report that the country’s gross domestic product (GDP) growth rate could be 4.7 percent in the second quarter of the current financial year.
India Ratings said in a statement, “Key figures suggest that GDP growth is not expected to be slightly over five per cent in the second quarter of FY 2019-20, so it became necessary to change the estimate.”
The rating agency said, “According to the new estimate, GDP growth in the second quarter is expected to be 4.7 per cent. Despite the favorable fundamentals, the slowing pace of economic growth is still lower than the earlier estimate in the second half of the current fiscal. And it is expected to be 6.2 percent.