India in midst of significant economic slowdown: IMF

The International Monetary Fund said on Tuesday that India is now in the midst of a significant economic slowdown, hence it has urged the government to take urgent policy actions to address the current prolonged downturn. IMF still believes that the growth slowdown is mostly cyclical and not structural, the PTI reported. However, because of the financial sector issues, IMF thinks the main issue is that the recovery would be not as quick as they thought earlier, the news agency added.

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