21 January, 2020
4 Min Read
Syllabus subtopic: Important International institutions, agencies and fora, their structure, mandate.
Prelims and Mains focus: about the IMF report and its significance; about IMF and terms associated to it
News: The International Monetary Fund (IMF) on Monday slashed India’s growth forecast by 1.3 percentage points to 4.8% for 2019-20, prompting the agency to also trim its global growth estimates as a result.
Growth in India slowed sharply owing to stress in the non-bank financial sector and weak rural income growth.
Finance minister Nirmala Sitharaman, scheduled to present her second budget on 1 February, is expected to increase infrastructure spending and boost rural expenditure to revive growth, which slowed to a six-and-a-half-year low of 4.5% in the quarter ended 30 September.
While the Indian government’s statistics department and the Reserve Bank of India (RBI) have estimated growth in 2019-20 at 5%, rating agency Moody’s Investors Service has projected growth at 4.9% for the fiscal.
What did the IMF recommend earlier?
IMF’s ‘World Economic Outlook’ report highlights
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