Moody's Investors Service slashed India's economic growth forecast to 5.6% for 2019.

It was slashed by saying government measures do not address the widespread weakness in consumption demand.

Moody's had on October 10 slashed India's economic growth forecast for 2019-20 fiscal to 5.8% from an earlier estimate of 6.2%.

In it's Global Macro Outlook 2020-21, Moody's said economic activity in India will pick up in 2020 and 2021 to 6.6% and 6.7%, respectively, but the pace to remain lower than in the recent past.

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Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the Big Three credit rating agencies.