OECD lowers India’s GDP growth forecast to 5.1%

International agency OECD recently lowered India’s GDP growth forecast to 5.1 per cent from the earlier projection of 6.2 per cent for 2020-21. For the financial year ending March 2019, OECD has projected a growth rate of 4.9%.

The main reason for the cut in rates was the concerns about the impact of coronavirus on the domestic and the global economy. However, the economy of India is to improve to 5.6 per cent in the following year (2021-22).