RBI cuts FY20 GDP growth forecast to 7% from 7.2%

The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) on June 6 cut its Gross Domestic Product (GDP) growth forecast for FY20 to 7 percent from what was previously projected 7.2 percent.

Earlier this year, in its April meet, the RBI had cut its growth forecast for the current fiscal to 7.2 amidst signs of weakening domestic investment activity as reflected in a slowdown in production and imports of capital goods.

For the first half of FY20, the GDP growth is seen at 6.4-6.7 percent, down from the previous projection of 6.8-7.1 percent.

The GDP growth forecast for the second half of the financial year has been revised to 7.2-7.5 percent from 7.3-7.4 percent projected earlier.

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