Current Affairs - National - Discussion

The World Bank (WB) has lowered India's GDP growth to five per cent for the fiscal year 2020-21 from its earlier estimated six per cent.The lowered GDP forecast comes a few days after the country's statistics office pegged growth in the current fiscal at five per cent, which is the lowest in 11 years.WB's January 2020 Global Economic Prospects report said a "lingering" credit weakness emanating from non-banking financial companies (NBFCs) is one of the key reasons for the downgrade.Its projection for India GDP in 2021-22 has also come down to just 5.8 per cent, indicating that economic recovery could take longer than expected.