IMF lowers India’s growth forecast to 4.8%

Why is it in the news?
  • International Monetary Fund (IMF) has lowered India's growth forecast for 2019 to 4.8% from 6.1%.
More in the news
  • Causes behind Low forecast: The low forecast came on the back of:
(1) Sharp decline in consumer/rural demand
(2) Stress in the NBFC sector
(3) Sluggish credit growth
  • Global Growth:
(1) The global growth is projected to rise from an estimated 2.9% in 2019 to 3.3% in 2020 and 3.4%for 2021.
(2) There is a downward revision of 10 basis points for 2019 and 2020 and 20 basis points for 2021 compared to the earlier forecast.
  • About IMF:
(1) It was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944.
(2) The IMF's primary purpose is to ensure the stability of the international monetary system.
(3) MF is headquartered in Washington, D.C.
  • Objectives of IMF:
(1) Working to foster global monetary cooperation
(2) Secure financial stability
(3) Promote high employment and sustainable economic growth
(4) Reduce poverty around the world
Source
The Hindu.
Posted by Jawwad Kazi on 21st Jan 2020
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