Economy's fundamentals remain robust: FinMin on Moody's change in outlook

Quoting IMF's latest World Economic Outlook, the finance ministry said that the Indian economy is set to grow at 6.1 per cent in 2019, picking up to 7 per cent in 2020

India’s economy is “quite robust” and has “strong prospects of growth”, said the government on Friday after ratings agency Moody’s Investors Service cut the country’s outlook to negative.

The International Monetary Fund (IMF) and other multilateral lending organisations are positive about India, said the Finance Ministry in a press release, adding the government’s reforms will help the economy.

India’s economy grew only 5 per cent year-on-year between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions.

The slump prompted a slew of rate cuts by the Reserve Bank of India, while the government