Shocking India on the economic front, Moody's reduced GDP growth estimates

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New delhi date. 23 August 2019, Friday

The country's economy is witnessing economic sluggishness. Meanwhile, credit rating agency Moody's has reduced India's GDP growth forecast for 2019. According to Moody's, India's GDP growth is estimated at 6.2%. Earlier, the agency estimated the Indian economy to grow at 6.8%.

Moody's said in a statement that the sluggishness in the economy has adversely affected Asian exports and the uncertainty of the business has affected investment. While the Agency has projected GDP growth rate for the year 2020 from 6.30% to 6.7%.

This is the second agency in a week that has reduced GDP growth estimates. Earlier, Japanese brokerage firm Nomura had also shocked India over GDP growth. According to Nomura, the country's economic growth is projected to be 5.7% in the June quarter this year. Nomura says this has been the result of sluggishness, low investment and reduced consumption in the service sector.

It is noteworthy that the economy of the country is experiencing sluggishness, production and sales in the automobile sector are constantly declining. When millions of jobs have been lost. This is how many sectors are going through a recession.

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