New Delhi: The spokesperson of International Monetary Fund Gerry Rice had stated that the recent economic growth in India is much weaker than expected due to corporate and environmental regulatory uncertainty weakness in some non-Bank financial companies.

Commenting on India’s growth rate, Gerry Rice noted that the GDP figures reflect a slow growth rate for India. He was quoted by news agency ANI as saying, “What’s IMF’s assessment? We’ll have fresh numbers coming up but recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty.”

Addressing a press conference on Thursday, Gerry Rice said that the IMF will monitor the economic situation in India. He added, “We will update that assessment in the upcoming world economic outlook.”

Further, the IMF spokesperson attributed the lingering weakness in certain non-banking financial companies as yet another reason for the economic slowdown in India. “And risks to the outlook are tilted to the downside, as we like to say,” he added.

Notably, speaking on the ongoing economic crisis, former Prime Minister Manmohan Singh had lambasted the Narendra Modi-led government and claimed that the Indian economy is currently experiencing a ‘dangerous protracted slowdown’. During a Congress party meeting on Thursday, Singh said,” The dangerous thing about the present situation is that the government is complacent enough not to realise that we are in the midst of a protracted economic slowdown. There was an atmosphere of ‘gloom and doom all around.”