India's growth forecast has been slashed by the International Monetary Fund or IMF for the financial year 2019-20, however the country still retains its rank as the world's fastest-growing major economy, tying with China. "India's economy is set to grow at 6.1 per cent in 2019, picking up to 7 per cent in 2020. The downward revision relative to the April 2019 WEO of 1.2 percentage points for 2019 and 0.5 percentage point for 2020 reflects a weaker-than-expected outlook for domestic demand," the IMF said in its World Economic Outlook (WEO). In its previous outlook released in July, the IMF had projected a 7 per cent growth rate for India.
