World Bank report pegs India’s FY20 growth rate at 6%

New Delhi: In a major setback for India’s economic outlook, a World Bank report on Sunday estimated India’s economic growth in the current fiscal at 6 per cent, lower than the Reserve Bank of India’s latest revised outlook of 6.1 per cent. This comes as another bleak outlook for the economy, after recent downward revision of GDP estimate by Asian Development Bank (ADB) and Organisation of Economic Co-operation and Development (OECD) apart from the RBI and a couple of rating agencies.

“In India, after the broad-based deceleration in the first quarters of this fiscal year, growth is projected to fall to 6.0 per cent this fiscal year,” said the report named “South Asia Economic Focus, Fall 2019: Making (De)centralization Work”. It, however, said that growth is expected to gradually recover to 6.9 per cent in fiscal year 2020 and to 7.2% in the following year. The growth forecast for India for the financial year 2019-20 was even lower than that of Nepal and Bangladesh which the estimates to grow at 6.5 per cent and 7.2 per cent respectively. (IANS)

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