After the Reserve Bank of India (RBI), World Bank, Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank, the International Monetary Fund (IMF) on Tuesday has handed a sharp 90 basis point cut to its India growth forecast.
Citing weak domestic demand, the IMF has lowered the forecast to just over 6 percent for this financial year which is also the projection by the RBI. The fund has also raised a red flag on global growth. The global growth forecast has been cut by 20 basis points to 3 percent, which is the slowest since the global financial crisis.
In an interview to CNBC-TV18, Rathin Roy, the former member of Prime Minister’s Economic Advisory Council and Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, discussed the growth story.