Millennium Post

Standard Chartered lowers India’s growth forecast to 5.4 per cent

Standard Chartered Bank on Monday lowered India's growth forecast for this fiscal year to 5.4 per cent from 6.2 per cent projected earlier despite the recent reforms push.

'We revise our FY13 GDP growth forecast sharply lower to 5.4 per cent from 6.2 per cent, despite the better than expected Q1-FY13 GDP print of 5.5 per cent,' Standard Chartered said in a research note.

The first quarter of this fiscal year saw a GDP growth of 5.5 per cent which was marginally better than expected.

However, going forward India is likely to register sub-5 per cent GDP growth in the forthcoming quarters for the rest of the fiscal year.  According to the report, the series of recently announced government reforms will contain the fiscal deficit and increase foreign participation in selected sectors.
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