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Moody's cuts India's GDP growth forecast to 2.5 per cent
Dubai - The latest cut in growth rate was announced following a 75 basis points repo rate cut by the RBI.
The credit rating agency drastically cut the GDP growth rate forecast due to the impact of the Covid-19 coronavirus, which has had a significant impact on global economy.
The firm also added that India was likely to see a sharp fall in incomes at the estimated 2.5 per cent growth rate.
The latest cut in growth rate was announced following a 75 basis points repo rate cut move by the Reserve Bank of India.
The RBI reduced the key lending rates from 5.15 per cent to 4.5 per cent in response to the coronavirus outbreak.
muzaffarrizvi@khaleejtimes.com
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