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HSBC cuts India GDP forecast on lack of reforms
A worker climbs to fasten iron rods together at the construction site of a high-rise building in central Mumbai October 18, 2011.
Credit: Reuters/Vivek Prakash/Files
MUMBAI |
MUMBAI (Reuters) - HSBC cut its economic growth forecasts for fiscal 2013 and 2014 for India citing "the lack of reform traction", a more "challenging" global economic backdrop, and expectations the Reserve Bank of India (RBI) will push back the timing for rate cuts.
HSBC said it expects India to grow 5.7 percent in fiscal 2013, down from its previous forecast of 6.2 percent, in a report dated on Thursday.
The bank also cut its gross domestic product forecast for fiscal 2014 to 6.9 percent from 7.4 percent.
(Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Anand Basu)
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