“India is now in the midst of a significant economic slowdown,” :IMF

Washington DC,24/12: India must take steps quickly to reverse the economic slowdown of an economy that has been one of the engines of global growth, the International Monetary Fund said on Monday.

In its annual review, the organization said that declining consumption and investment and falling tax revenue have combined with other factors to put the brakes on one of the fastest-growing economies in the world.

IMF’s Ranil Selgado said the reporters that “India is now in the midst of a significant economic slowdown,” IMF’s Ranil

Salgado also said that the Reserve Bank of India (RBI) has space to cut policy rates further, especially if the period of slowdown extends further.