Weakness in non-bank cos responsible for India’s economic slowdown: IMF

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Washington: International Monetary Fund has opined that India’s economic slowdown is due to uncertainty over corporate and environmental regulatory.

It further said weaknesses lingering in some non-bank financial companies are also equally responsible for such a phenomenon.

IMF spokesman Gerry Rice told a news conference that economic growth in India is much weaker than expected mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies.

As per the government data the economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago.

The Ministry of Statistics and Programme Implementation in a statement said the slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output.

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