HSBC cuts India GDP forecast for Fiscal Year 2013
HSBC said the reform process will take time and it will likely be another three years before growth returns to 8 per cent.
Mumbai: 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 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, 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 per cent on a sustained basis," it said. HSBC had previously cut its India growth forecasts for fiscal 2013 and 2014 in September.
- SpaceX CEO Elon Musk Promises 'Fun' Trip to Mars Colony
- India Accounts for 75% of Casualties Due to Air Pollution: WHO
- Nothing Confirmed Yet: Varun Dhawan on Working with Big B
- If Banning Actors Can Stop Terrorism, Government Should do it: Varun Dhawan
- Sam Allardyce Fights to Save England Job After Newspaper Sting
- SRK Turns Into a DJ for Radio Show and His First Mix Will Leave You in Splits
- Rakesh Roshan Clarifies Krrish 4 Will Not Clash With 'Younger Brother' SRK's Film
- SRK, Randeep Hooda Condemn Uri Attack, Offer Condolences To Martyrs' Kin