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Prime News, National, Business, Mumbai, June 6:- The Reserve Bank of India Thursday lowered the economic growth forecast for the current fiscal to 7 per cent due to slowdown in domestic activities and escalation in global trade war. In the april monetary policy, the growth of Gross Domestic Product (GDP) for 2019-20 was projected at 7.2.
The Reserve Bank of India (RBI) monetary policy committee lowered the GDP growth targets sharply to 7 percent from 7.2 percent for FY20 on weak global scenario and dip in private consumption.Get latest Economy online at cnbctv18.com
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GDP growth has been revised downwards to 7% from the earlier projection of 7.2%. The MPC expects growth in the range of 6.4-6.7% in the first half of 2019-20 and 7.2-7.5% in the second half.
Markets were disappointed despite the much-anticipated rate cut because of RBI’s negative prognosis in respect of the economy. Das cut the growth forecast for FY19 from 7.4% to 7.2% citing global.
Fitch lowers india growth Forecast To 6.8% For 2019-20 The 6.9 per cent estimate is a notch lower than a 7 per cent growth estimated by the Central Statistics Office (CSO) for the current fiscal year.
RBI lowers growth forecast to 7.3% for FY18. Hit hard by demonetisation, India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, pulling down the 2016-17 expansion to a three-year low of 7.1 per cent.
The Reserve Bank of India (RBI) has lowered the economic growth forecast to 7% from 7.2% for the financial year 2019-20 on Thursday.
The Reserve Bank of India on Thursday lowered the economic growth forecast for the current fiscal to 7 per cent due to slowdown in domestic activities and escalation in global trade war In the April monetary policy, the growth of Gross Domestic Product (GDP) for 2019-20 was projected at 7.2 per cent.
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"Although the RBI revised its growth forecast lower for FY20, there could be further downside risks to their H1 growth estimates, warranting more rate cuts this year," said Abheek Barua, Chief.
This prompts a downgrade of our GDP forecast for this year. But the balance of economic risks remains tilted toward inflation rather than growth, keeping the Reserve Bank of India (RBI) on track for ..