Headwinds for growth

Deeper reforms needed to put India on a high-growth path

The International Monetary Fund (IMF) has revised downwards its estimates of growth in India’s gross domestic product (GDP) by 20 basis points for both 2019-20 and 2020-21. The IMF now sees GDP growth coming in at 7.3 per cent in the ongoing fiscal year and at 7.5 per cent in the year to come. The IMF is the third multilateral agency to revise growth forecasts downwards in recent days. Last week, the World Bank and the Asian Development Bank both set a lower forecast for India’s GDP growth in 2019-20. They, as well as the Reserve Bank of India (RBI),