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India’s GDP to grow at 6.8% in FY20, says DBS; focus on these 2 areas may further boost monetary.

Date: 25-07-2019
Subject: India’s GDP to grow at 6.8% in FY20, says DBS; focus on these 2 areas may further boost monetary
India’s GDP is expected to grow at 6.8 per cent in FY20, making it a second straight year of sub-7 per cent expansion, a global report said. In FY19 too, the economy grew at a rate of 7 per cent. The Economic Survey released earlier this month had estimated the growth to increase to 7 per cent in fiscal year 2019-20. “FY20 growth is likely to be sub-7 percent for a second straight year,”  news agency PTI reported citing the Singaporean lender DBS’ economists led by Radhika Rao said in a note Wednesday. The government’s focus on fiscal consolidation and low inflation may help the RBI’s monetary policy to become more growth-oriented, the reort also said.

It comes a day after the International Monetary Fund (IMF) cut India’s GDP growth forecast for 2019 at 7 per cent, picking up to 7.2 per cent in 2020, the IMF said in its latest update of World Economic Outlook (WEO). The downward revision of 0.3 percentage point for both years reflects a weaker-than-expected outlook for domestic demand, it added. However, India would still be the fastest growing major economy globally and much ahead of China, the IMF said.

In the first half of FY20, the growth rate may soften and increase in the second half on account of base effect, the report added.  The next bi-montly RBI monetary policy is slated to be announced on August 7, 2019. So far, RBI has cut rates three times in this calendar year by a cumulative 0.75 percent. In its last monetary policy shifted its stance to accommodative which will result in at least a 0.25 percent more reduction, as per governor Shaktikanta Das.

Source: financialexpress.com

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