India Rating Lowers FY19 Growth Forecast to 7.2%

India Ratings and Research (Ind-Ra) has revised down its FY19 economic growth forecast to 7.2% from 7.4% earlier. It cited the headwinds emanating from elevated global crude oil prices and the government’s decision to fix the minimum support prices of all kharif crops at 1.5x of the production cost as the reason for the downward revision. 
Ind-Ra also pointed to other headwinds lurking on the horizon such as the rising trade protectionism and depreciating rupee. 
Source- The Hindu