Crisil cuts India's GDP growth to 6.9% from 7.1% for FY20

Crisil cut the gross domestic product (GDP) growth estimate for India by 0.2 percentage points for FY20.

The rating agency's cut to 6.9 percent from 7.1 percent comes amidst slowing global growth and weak monsoon recorded in the country in June. Sluggish data for the first quarter was another contributing factor.

Core sectors such as refinery products outputGro saw a contraction and reports suggest domestic demand has lowered, consumer economy and industrial sectors have slowed, while non-banking financial sector (NBFCs) has weakened and investments recorded low numbers.

Crisil has suggested that a near-term onus to stimulate growth would be on monetary policies. And that the Reserve Bank (RBI) will have to work around policy rate cuts to achieve the country's growth target.