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StanChart cuts India's FY13 growth forecast to 5.4 pct
September 17, 2012 / 6:23 AM / 5 years ago

StanChart cuts India's FY13 growth forecast to 5.4 pct

MUMBAI (Reuters) - Standard Chartered Bank has cut India’s economic growth forecast for the current financial year to 5.4 percent from 6.2 percent, citing slowing consumer spending and a slack in pickup in investment activity in the fiscal first half.

A worker tightens steel rebars at a construction site of a metro station in Chennai July 7, 2012. REUTERS/Babu

“While these measures will have a positive medium-term impact and will change the perception of policy paralysis in India, they may not have an immediate effect on growth,” the bank said, referring to the government’s recent reform measures.

The government needs to maintain the reform momentum to put growth back on an upward trajectory, it said.

Reporting by Subhadip Sircar; Editing by Anupama Dwivedi

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