Moody’s Investors Service said that the estimates of India’s Gross Domestic Product (GDP) growth for the current financial year and next fiscal year have been reduced.
Moody’s said that it is expected that in the financial year ending March 2019, GDP in India will be 7.2% and next year 7.4%.
Earlier, Moody’s estimated the economic growth rate of 7.5 percent in 2018 and 2019. In the annual banking system Outlook, the agency said that the operating environment will be stable, which will help with strong economic growth. Moody’s said that the credit cost has fallen in public sector banks, but such costs will remain high.
Public sector banks will rely on government capital to meet minimum capital requirements.
Growth rate of Indian GDP increased by 7.1% in the second quarter (July-September) of fiscal year 2018-2019 compared to the growth rate of 8.2% of the two-year high GDP in the period April-June. The GDP growth rate of 7.1% in the second quarter was the lowest in the last three quarters.
According to the data released by the Central Statistics Office, although the year-on-year basis GDP rate is fast In the second quarter of fiscal year 2017-18, the GDP growth was 6.3%.
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