While releasing a book, the Finance Minister said that after reading it, people will know exactly what are the reasons for india's economic slowdown. India's growth rate reached a six-year low in June. It remained at the level of five per cent. This was observed due to the decrease in demand as well as private investment and the impact of trade war in global markets.

The Reserve Bank of India, while reviewing its monetary policy in October, lowered the growth rate from 6.9 per cent to 6.1 per cent. RBI had predicted that the growth rate would pick up in the second half of the financial year. To reduce sluggishness, the government had prepared a corpus of Rs 25,000 crore for the reduction of corporate tax, capital investment in state-run banks and the real estate sector, which could boost the economy.

Moody's had reduced the outlook

The credit rating outlook of India was negative by the global rating agency. It is considered as the first step towards reducing credit. Moody's may have said that the government has been partially successful in resolving the economic weakness, but the risk of further downward growth has increased.

Moody's maintained its foreign exchange rating at BAA2, but projected a fiscal deficit of 3.7 per cent of gross domestic product (GDP) for the fiscal year ended March 2020. At the same time, the government estimates a fiscal deficit of 3.3 percent. It is believed that the government may face a setback on the fiscal deficit front due to sluggish growth and reduced revenue due to corporate tax cuts.

According to Nomura's Assessment

Japanese brokerage company Nomura has slashed India's growth forecast. Nomura has said that India's growth rate (GDP) will be 4.9 percent in the current financial year. At present, the Indian economy is going through a phase of slowdown, due to which earlier estimates have now been cut. Earlier, Nomura had projected growth rate of 5.7 per cent.