India's economy will remain sluggish by 2024: forecast of economic organization

New delhi date. 03 November 2019, Sunday

In the second innings of the Modi government, the Organization for Economic Co-operation and Development estimates that India's GDP growth rate will be 6.6 percent between 2020 and 2024. According to the organization, India's growth rate was 7.7 percent during 2013 to 2017. This could be seen in the decline. The organization also predicts that the banking sector will be strengthened again.

The report said the trade tensions between the United States and China are expected to remain unchanged.

The rating agency Fitch and the International Monetary Fund also forecasted a slowdown in the growth rate of India's economy during the first 2020 to 2024. This situation has been triggered by the financial crisis in non-banking finance companies.

The agency said that the decision to reduce corporate tax from the Modi government will have an impact but it will be seen gradually. On the other hand, the International Monetary Fund also projected India's growth rate to be 6.1 percent in the current financial year.