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IMF cuts India's growth rate to 4.8%, calls it 'negative surprise'
TIWN
IMF cuts India's growth rate to 4.8%, calls it 'negative surprise'
PHOTO : TIWN

United Nations, Jan 20 (TIWN) Calling it one of the "negative surprises", the International Monetary Fund (IMF) on Monday sharply cut India's growth estimate for the current fiscal to 4.8 per cent, darkening the economic picture from the rosy 7.5 per cent made this time last year.

The latest cut follows a downward trend which reduced India''s growth to 6.1 per cent in October.  IMF''s World Economic Outlook (WEO) blamed India''s economic slowdown for a "lion''s share" of the 0.1 per cent cut in the global economic growth projections for last year to 2.9 per cent and to 3.3 per cent for the current year from those made in October.  It also cut the global economic projections for 2021 by 0.2 per cent to 3.4 per cent.

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