Moody's cuts India's GDP growth forecast to 5.6 pc for 2019

Days after cutting India’s credit rating outlook, Moody’s Investors Service on Thursday cut its calendar year 2019 gross domestic product (GDP) growth forecast to 5.6 per cent from 6.2 per cent, citing a consumption slowdown.

On Wednesday, State Bank of India and CLSA forecast India’s 2019-20 GDP growth to come in at 5 per cent, much lower than already downgraded estimates by organisations such as the International Monetary Fund and the Reserve Bank of India, whose last forecasts are still around 6 per cent.

“India's economic slowdown is lasting longer than expected. We have revised down our growth forecast for India,” Moody’s said in a report.