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This is among several policy measures the government is contemplating to reduce India's dependence on China in the wake of the clashes along the LoAC
But to get the momentum of recovery, rating agencies say the government will need to focus on reforms in the financial sector and the labour market
Fitch and Crisil had projected a 5% contraction of the Indian economy too; Moody's forecast a shrink by 4% and the World Bank by 3.2%
Economist Sunil Sinha of India Ratings & Research said, 'The Indian economy is looking at a cycle of low consumption and weak demand.'