OECD lowers India’s FY21 GDP growth to 5.1%
The latest The Organisation for Economic Cooperation and Development (OECD) Interim Economic Outlook Forecasts have dimmed, India’s real GDP growth to 5.1% during the fiscal year starting 1 April, 2020 and improve to 5.6% in the following year. It has projected the growth at 4.9% for the financial year ending March 2020. A similar gloomy outlook was projected by the National Statistical Office (NSO) which estimates India’s GDP growth at 5% during 2019-20. The country’s Economic Survey tabled projected India’s economic growth at 6 -6.5% in the next financial year starting 1 April.
Commenting on the coronavirus, the body spoke about the adverse impact on confidence, financial markets, the travel sector and disruption to supply chains contributes to the downward revisions in all G20 economies in 2020, particularly ones strongly interconnected to China.