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HindustanTimes Mon,21 Apr 2014

HSBC cuts India's GDP forecast to 5.2% from 5.7%

Reuters  Mumbai, January 10, 2013
First Published: 09:43 IST(10/1/2013) | Last Updated: 09:47 IST(10/1/2013)

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.

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HSBC cut its GDP forecast for the year ending in March to 5.2% from 5.7%, and its forecast for the next fiscal year to 6.2% from 6.9%, 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% on a sustained basis," it said.

HSBC had previously cut its India growth forecasts for fiscal 2013 and 2014 in September.

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