World Bank cuts India's growth projection to 6%

After a broad-based deceleration in the initial quarters of FY2019-20, India's growth rate is projected to fall to 6 per cent, the World Bank said on Sunday.

In 2018-19, the growth rate of the country stood at 6.9 per cent.

However, the bank in its latest edition of the South Asia Economic Focus said the country was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022 as it assumed that the monetary stance would remain accommodative, given benign price dynamics.

The report, which has been released ahead of the annual meeting of the World Bank with the International Monetary Fund, noted India's economic growth decelerated for the second consecutive year.

In 2018-19, it stood at 6.8 per cent, down from 7.2 per cent in the 2017-18 financial year.