Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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HSBC cuts India GDP FY13 forecast to 5.2 percent

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Workers walk in front of a multi-story commercial building under construction on the outskirts Ahmedabad May 31, 2012. REUTERS/Amit Dave/Files

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Credit: Reuters/Amit Dave/Files

MUMBAI | Thu Jan 10, 2013 11:24am IST

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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