 "Quick fixes won't solve growth problem")
The International Monetary Fund (IMF) on Tuesday cut its projections for India’s growth to 6.1 per cent for 2019-20 from its earlier forecast of 7 per cent as demand is being pulled down by ailing non-banking financial companies (NBFCs) among other factors.
“In India, growth softened in 2019 as corporate and environmental regulatory uncertainty, together with concerns about the health of the nonbank financial sector, weighed on demand,” the IMF said in its much-awaited World Economic Outlook, titled Global Manufacturing Downturn, Rising Trade Barriers. The forecast is in line with the Reserve Bank of India’s, but is higher than that
