Moody’s lowers India’s GDP growth forecast to 5.6% for 2019

Moody’s Investors Service,an American credit rating agency in its Global Macro Outlook 2020-21, has lowered India’s GDP (Gross Domestic Product ) growth forecast for 2019 to 5.6 % , which is less than 7.4 % in 2018 .It cuts the forecast due to the slow growth rate of employment is impacting consumption. It also expects that the growth rate will improve after that and it can be 6.6 % and 6.7 % in 2020 and 2021 respectively.
India’s pace of economic growth has slowed down since mid-2018 and real GDP growth has fallen from around 8% to 5% in the second quarter (April-June 2019) of 2019. The growth rate fell further to 4.5 % in the September quarter.