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)
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Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article