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StanChart cuts India's FY13 growth forecast to 5.4 pct

Source : REUTERS
Last Updated: Mon, Sep 17, 2012 06:54 hrs
A worker tightens steel rebars at a construction site of a metro station in the southern Indian city of Chennai

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.

"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.

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