Tag: FY20

Fitch lowers India’s economic growth forecast for FY20 to 4.9% from 5.1 %

Fitch Ratings Inc, an American credit rating agency,has lowered India’s GDP(Gross Domestic Product) growth forecast to 9% for the fiscal year –FY20 (2019-2020) ending March 31,2020. It cuts the rate from 5.1% predicted earlier, due to coronavirus, weak domestic demand and supply disruptions, which put pressure on the manufacturing sector.

World Bank pegs India’s growth for FY20 at 5%

The World Bank cut India’s growth for financial year 2020 to 5% from 6% estimated earlier, the country's statistics office pegged growth in the current financial year at 5%, the lowest in 11 years. The multilateral lender expects the country’s growth to recover only slightly to 5.8% in the next fiscal year. The bank’s Global Economic Prospectsreport released cited a lingering weakness in credit from non-banking financial companies (NBFCs) as the main cause for the downgrade. This is the slowest growth forecast since the 3.1% rate recorded in financial year 2008-09. Global economic growth, is expected to rise to 2.5% in the current calendar year, underpinned by a gradual recovery in investment and trade from last year’s significant weakness. Regional growth: In comparison, Bangladesh will be ahead compared to India. Its GDP growth rate is estimated to be 7.2%, while in Pakistan it is expected to be at 3 % & Sri Lanka’s growth rates at 3.3% for FY-20. About World Bank: Motto– Working for a World Free of Poverty Formation– July 1944 Headquarters– Washington, D.C., U.S President– David Malpass