India's economic growth rate will be 5.40 percent in the current year

In the current year, India's economic growth rate will fall to 8.5 percent

In the current year, India's economic growth rate will fall to 8.5 percent

New delhi date. 17 February 2020, Monday

Global rating agency Moody's has projected India's economic growth rate to decline to 8.5 percent in calendar year 1. Earlier, the economic growth rate was estimated at 8.5 per cent.

In a review of how the outbreak of coronavirus could affect the global economy, Moody's said that the potential for stabilizing the global economic situation in the sixth has been reduced by the impact of the virus.

While the virus is still spreading, it is still too early to estimate how it will affect China and the world. India's economy has been declining rapidly for the past two years.

India's economic growth rate in the third quarter of the year stood at 8.5 percent. Data with higher frequencies, such as PMI, indicate that the economy may have stabilized.

The current quarter may have started to improve, but it will be slower than our earlier estimates, so we lower our estimate for the Indian economy to 8.5 percent from the previous estimate of 5.5 percent.

For India's economic reforms, the demand for domestic, urban and rural areas needs to be increased. In addition to this, the credit growth in the economy is also required. NBFCs and banks said the credit picture had worsened last year due to slow lending, according to the Reserve Bank data.

Despite a significant drop in interest rates, banks were not particularly enthusiastic about financing the NPA due to the problem. As a result, non-food bank credit growth slowed to 5 percent in December 1, compared to 5 percent in December 1.

The Corona virus will disrupt economic activity in the first quarter of the fourth quarter, but the capital has expressed expectations that the situation will change in the second quarter.