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
- Storm to cloak Midwest to Northeast in snow, freezing rain
- Insight - In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
- UPDATE 1-Would-be millionaires rush into 2nd-largest U.S. Mega Millions drawing
- UPDATE 2-Canada household debt-to-income ratio hits record high
- Insight: In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
The Sensex fell on Friday to mark its biggest weekly fall in nearly a month, as rate-sensitive stocks such as ICICI Bank fell on caution ahead of the RBI's policy review and the U.S. Federal Reserve meet next week. Article
Asia-Pacific M&A volume falls for third consecutive year, deal size grows. Full Article