World Bank Estimates India's Economic Growth At 5% In FY20

Growth in India is projected to decelerate to 5% in FY2019/20 amid enduring financial sector issue, the World Bank noted in a latest update. Economic activity was constrained by insufficient credit availability, as well as by subdued private consumption. In India, activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services subsectors received significant support from public spending. GDP growth decelerated to 5% and 4.5% in the April-June and July-September quarters of 2019, respectivelythe lowest readings since 2013. Sharp slowdowns in household consumption and investment o9set the rise in government spending. High-frequency data suggest that activity continued to be weak for the rest of 2019.

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