Economy IMF cuts India’s growth forecast by 90 bps to 6.1% for FY20 Updated : October 16, 2019 06:55 AM IST India’s economy to grow at 6.1 percent in FY20, compared to 6.8 percent growth the previous year and then picking up to 7 percent in FY21. Governance of public sector banks and the efficiency of their credit allocation need strengthening, the report observes. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.