HSBC cuts India GDP FY13 forecast to 5.2 percent
MUMBAI (Reuters) - HSBC further cut its India growth forecast for the current and next fiscal years, saying the slowdown in the economy has become more structural than cyclical.
HSBC cut its GDP forecast for the year ending in March to 5.2 percent from 5.7 percent, and its forecast for the next fiscal year to 6.2 percent from 6.9 percent, according to a report released on Thursday.
"We think the reform process will take time and it will likely be another three years before growth returns to 8 percent on a sustained basis," it said.
HSBC had previously cut its India growth forecasts for fiscal 2013 and 2014 in September.
(Reporting by Subhadip Sircar; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- Ukraine says pro-Russia rebels shoot down two fighter jets
- U.N.'s Pillay says Israel may be committing war crimes
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Jet Airways chairman says looking to restructure debts, talking to bankers
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article