World Bank slashes India's growth forecast to 6 percent
New Delhi: The World Bank on Sunday reduced the growth forecast for India in the current fiscal year to 6 percent.
"In India, after the broad-based deceleration in the first quarters of this fiscal year, growth is projected to fall to 6.0 this fiscal year," the World Bank said in a statement.
"Growth is then expected to gradually recover to 6.9 percent in fiscal year 2020/21 and to 7.2 percent in the following year," it said.
In India, domestic demand has slipped, with private consumption growing 3.1 percent in the last quarter from 7.3 percent a year ago, while manufacturing growth plummeted to below 1 percent in the second quarter of 2019 compared to over 10 percent a year ago, the bank said.
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