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)
Trending On Reuters
Thousands of Nepalese huddled under tents and sought scarce food and medical supplies on Monday, two days after a massive quake killed more than 3,200 people and overwhelmed authorities. Full Article | Slideshow
- Quake warnings of minutes, not hours, are possible, but pricey
- UNICEF says nearly a million children "severely affected" in Nepal
- Factbox - Foreigners in Nepal at time of deadly earthquake
- "Demons on the mountain"; survivors recall avalanche terror
- In Kathmandu Valley, quake-hit Nepalis fend for themselves