The Asian Development Bank (ADB) has cut India's growth forecast from 6.5 percent to 5.1 percent for the current financial year (April 2019-March 2020), according to its official release.

The reasons attributed for the cut in growth forecast are slowing job prospects, rural distress exacerbated by poor harvest and credit crunch.

In September, the ADB forecast India's GDP to grow at 6.5 percent in 2019 and 7.2 percent in 2020.

In its statement, the bank, however, said it expected the growth to pick up to 6.5 percent in the next fiscal year riding on supportive government policies.

"Consumption was affected by slow job growth and rural distress aggravated by a poor harvest. Growth should pick up to 6.5 percent in fiscal year 2020 with supportive policies," the bank said in its statement.