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World Bank slashes India's growth forecast to 6% for this fiscal year


Added 10-13-19 05:04:03am EST - “The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector. In its last forecast…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “World Bank slashes India's growth forecast to 6% for this fiscal year”. Below is an excerpt from the article.

NEW DELHI (Reuters) - The World Bank on Sunday slashed its growth forecast for India's current fiscal year to 6%, down from 7.5%, warning that the "severe" slowdown could further weaken the country's stuttering financial sector.

In its last forecast in April, the bank had said that India's economic outlook was strong and expected growth of 7.5% during the current fiscal year that began in April.

But Asia's third-largest economy is currently growing at its slowest pace in six years, expanding by just 5% in the April-June quarter, hit by flagging consumer demand and a slackening in government spending.

India’s industrial output also shrank at its fastest rate in more than six years in August, data released last week showed, indicating that a slew of government measures had yet to underpin a recovery.

In an effort to kick-start the economy, India's central bank has cut interest rates five times this year, and underlined the challenge for policymakers by downgrading its growth forecast to 6.1% from 6.9% earlier this month.

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