The International Monetary Fund (IMF) on Thursday said that India’s economic growth is “much weaker” than expected and gave reasons such as corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies for the same.
“We will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies,” IMF spokesman Gerry Rice told reporters at a news conference here on Thursday.
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In July, the IMF projected a slower growth rate for India in 2019 and 2020. It said that its GDP will now grow at the rate of 7 and 7.2 per cent, a downward revision of 0.3 per cent for both the years, reflecting a weaker-than-expected outlook for domestic demand.
While commenting on the recent GDP numbers of India, IMF spokesman said the IMF will monitor India’s economic situation.