CRISIL cuts India's GDP growth to __________ for FY20 on weak monsoon rains, muted corporate results.

Credit rating agency CRISIL lowered Gross Domestic Product (GDP) growth forecast for India by 20 basis points to 6.9 percent for this fiscal citing weak monsoon and slowing global growth. The GDP data for the first quarter taken into account for powering India's growth estimates. The development came days after the International Monetary Fund (IMF) cut India's growth by 30 basis points for the calendar years 2019 and 2020 to 7 per cent and 7.2 per cent respectively. The global analytical firm, in its latest report on the outlook for India in the financial year 2019 titled 'Uphill trek', the slowdown would be pronounced in the first half. The agricultural terms of trade are also expected to improve with a pick-up in food inflation, adding that farmers would benefit from income transfer of Rs 6,000 per year announced by the Centre. The sops announced so far might not be enough to pitchfork growth in this fiscal to, or above, the past 14-year average of 7 percent per annum.