Goldman Sachs demotes India’s GDP forecast due to PNB fraud

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Gross Domestic Product Leading global investment bank Goldman Sachs has downgraded India’s Gross Domestic Product (GDP) forecast in the wake of Punjab National Bank (PNB) fraud.

The bank has also warned that this would lead to stricter regulations sector and would further downsize the credit growth.

In its official communiqué floated among the clients, Goldman Sachs downgraded its real GDP forecast of India for the year to March 2019 from 8 per cent to 7.6 per cent.

Revelations made by Goldman is a sort of warning for the Centre, which is hoping to recover the debt of Non-Performing Assets (NPAs) with its $32 billion bank recapitalisation programme.

Reportedly, the debts of NPAs in Public Sector Banks have amounted to $ 150 billion.

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