Moody's and DBS lowered the growth forecast for the Indian economy

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New delhi date. 13 December 2019, Friday

Moody's and DBS, two of the world's leading agencies, have projected the growth rate of the Indian economy. Moody's Investors Services lowered India's GDP growth rate forecast for 2019 to 5.6%. Singapore's financial services provider DBS Banking Group has reduced India's growth rate from 5.5% to 5% in the current financial year 2019-20.

Earlier, the Reserve Bank also estimated the soft economy's growth rate of 6.1%. The World Bank has also reduced that estimate to 6%. The Asian Development Bank has also projected India's growth rate to decline by 6.5% to 5.1% for 2019-20.

Moody's said in a report on Friday that the slower rate of employment is affecting consumption. Growth rates will improve thereafter and may remain 6.6% and 6.7% respectively in 2020 and 2021. However, even after the improvement of the growth rate, it will be lower than before. According to the Moody's report, we have reduced India's GDP growth forecast for 2019 to 5.6%, which is lower than 2018's 7.4%. India's economic growth rate has slowed since mid-2018 and real GDP growth has dropped from about 8% to 5% in the second quarter of 2019. GDP fell more than 4.5% in the September quarter.

DBS said in its report that this year the Indian economy is facing a sharp decline in economic activity and financial sector challenges. This softness is due to many factors. It is partially functional and its cause is structural. It seems that the pace of reform may slow down even in 2020. Favorable basic performance and easy financial standing can support demand.

DBS said that India's GDP growth could reach 5.8% in FY 2020-21. The general budget, slated for February, could be announced as a means of increasing demand. This can support economic growth in the short term.

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