NEW DELHI: India is facing another setback due to a slowdown in the economy. Global rating agency Moody's has lowered the country's growth projection. International rating agency Moody's Economic Research Branch has given clear indications of a slowdown in almost all major Asian countries, including India. India's GDP growth forecast has been reduced from 6.8 % to 6.2% during the current calendar year (2019). The growth rate is expected to hit 6.7 % in 2020.

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It is also clear from Moody's that the slowdown is global. Finance Minister Nirmala Sitharaman also reiterated on Friday that most of the world's economy is slow. Releasing a separate report, domestic rating agency Ikra said the country's GDP growth rate will be six % in the first quarter of 2019-20. While the growth rate of GDP during the same period last fiscal was eight %. Moody's has pointed out the reasons for India's growth rate to be sluggish, not surprising.

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Most of the agencies are attributed to the reasons for lack of demand in the Rural Economy, lack of adequate finance facilities and lack of employment opportunities. Moody's on Friday reported on 16 countries in Asia and cut the estimated growth rate of all these countries.

The ongoing trade wars in the US and China and the shrinking demand in the global market are affecting the export of Asian countries and affecting the entire economy. India has lost the crown of the world's fifth-largest economy due to declining ratings. India has now moved up to the seventh position as the economy continues to be sluggish in 2018, according to World Bank data.

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