India forecasts 2019/20 GDP growth rate at 5%

Reuters New Delhi, Delhi, India Jan 07, 2020, 05.40 PM(IST)

The economic growth has slowed mainly due to poor performance of agriculture and manufacturing sectors. Photograph:( Reuters )

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Most private economists have lowered India's growth forecast to around 5% for the 2019/20 fiscal year, after the central bank cut its growth estimate to 5.0% last month. 

The Indian government said on Tuesday it expects the economy to grow at 5.0% in the fiscal year ending in March, lower than 6.8 % recorded a year earlier.

Most private economists have lowered India's growth forecast to around 5% for the 2019/20 fiscal year, after the central bank cut its growth estimate to 5.0% last month, citing weakening demand and a slowdown in global economic activity.