Economy Moody’s cuts India GDP growth forecast for FY20, citing weak consumption Updated : December 16, 2019 12:12 PM IST Moody's noted that household consumption has been the backbone of India's growth, making up about 57% of GDP in FY19. The ratings agency said what was once an investment-led slowdown has now broadened into weakening consumption, driven by financial stress among rural households. 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.