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Standard Chartered cuts India's current FY growth forecast to 5.4 percent
September 17, 2012 / 6:33 AM / 5 years ago

Standard Chartered cuts India's current FY growth forecast to 5.4 percent

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 man carries a sack filled with maize at a wholesale vegetable market in the western Indian city of Ahmedabad August 14, 2012. REUTERS/Amit Dave

“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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