New Delhi, Feb. 17 -- Moody's Investors Service on Monday cut its 2020 growth projection for India to 5.4 per cent from 6.6 per cent forecast earlier following the coronavirus s outbreak in China hitting global growth.

In its February update titled 'Global Macro Outlook 2020-21', the international rating agency said that India's economic recovery will likely be shallow.It said that India's economy has decelerated rapidly over the last two years. Real GDP grew at a 4.5 per cent in the third quarter (October-December) of 2019-20.Moody's said a key to stronger economic momentum of India would be the revival of domestic demand, both rural and urban. "But equally important is the resumption of credit growth in the economy."As data from the Re...