In this explainer, Rajat Mishra is telling you how the GDP numbers have been downgraded by various international and national organizations.
#GDP #GDPIndia #Money #OutlookMoney #OutlookMagazine #OutlookGroup
#GDP #GDPIndia #Money #OutlookMoney #OutlookMagazine #OutlookGroup
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00:00 Hello and welcome you are watching Outlook Money and we are back with yet another explainer.
00:04 Gross domestic product is a parameter which depicts how the economy is performing.
00:10 The Indian GDP has steeply fallen to 5% which is the lowest in last 6 years.
00:15 And in the last few weeks, many international organizations and credit trading agencies
00:20 have downgraded India's GDP growth projection.
00:23 So let's quickly go through all the projected GDP numbers in last few weeks.
00:30 First of all, on September 19, Paris-based intergovernmental organization, Organization
00:35 of Economic Cooperation and Development, OECD cut India's GDP forecast to 5.9% for 2019
00:43 and 2020.
00:47 Also on September 25, Manila-based Asian Development Bank slashed India's GDP growth to 6.5% from
00:55 7% in July for 2019 and 2020.
00:59 It also projected an increase in India's GDP growth forecast for financial year 2020 and
01:05 2021 at 7.2% and attributing it to the pro-active policy intervention along with a recovery
01:12 in demand and investment.
01:18 On October 4, the Reserve Bank of India, the country's apex bank, has slashed India's
01:22 GDP forecast at 6.1%.
01:25 Earlier, the Reserve Bank of India projected growth forecast of India at 7.4% in February.
01:35 On October 10, credit trading agency Moody's Investor Services has slashed India's growth
01:40 rate at 5.8% from 6.2% for financial year 2019 and 2020.
01:49 On October 13, Washington-based World Bank has slashed India's GDP growth rate for financial
01:55 year 2019 and 2020 at 6% in its latest South Asia Economic Focus report.
02:06 On October 14, the International Monetary Fund has slashed India's GDP growth projection
02:11 by 90 basis points to 6.1%, which is down by 1.2% of IMF's April projection, which was
02:20 at 7.2%.
02:21 To know what would be the growth rate of India, we have to adopt a wait-and-watch approach.
02:26 Till then, subscribe to Outlook Money and stay tuned to Outlook Money.
02:31 (upbeat music)