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India's economic growth to weaken in H2 FY20: DBS Bank

27
Nov '19
Pic: Shutterstock
Pic: Shutterstock
India's economic growth is likely to slow further in the second half of this fiscal, according to Singapore's DBS Bank, which recently said in one of its daily economic report that real gross domestic product (GDP) is likely to print 4.3 per cent year-on-year (YoY) in the third quarter of this fiscal versus 5 per cent in the second, nearing the trough for this cycle.

Weakness in the crucial consumption sector is expected to extend into the quarter along with tepid private sector activity, the bank said.

New project announcements remain at a multi-year low, while production was depressed by weak consumer durables, non-durables, intermediate and capital goods, a news agency cited the bank as pointing out.

Surveys by the Reserve Bank of India (RBI) reflect downbeat consumer sentiments towards income and employment conditions. Indirect and direct tax collections also reflected slower demand, as did sluggish credit growth as banks and non-banks tightened due diligence, it said.

Providing a counterweight, fiscal spending likely quickened after slower disbursements in the first half of the year due to the general elections.

"Under GVA (gross value added), we expect 4.1 per cent print, with most sectors barring public administration to have slowed in the quarter," said DBS.

Fibre2Fashion News Desk (DS)


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