Morgan Stanley, HSBC cut India's GDP forecast to 6%

Morgan Stanley, HSBC cut India's GDP forecast to 6%
Financial services firms, Morgan Stanley and HSBC, each have cut their India's GDP forecast for the financial year 2013-14 from earlier 6.2 per cent to 6 per cent.

This cut in the country's economic growth forecast reflects lower-than-expected growth in the October-December quarter.

While stating that domestic and external environment will continue to impose challenges, Morgan Stanley noted that an improving growth in the agriculture sector, a slight pick-up in export growth and more stable private capex could help improve India's economic growth.

Besides, HSBC said that it expects 50 basis points of additional rate cuts in the calendar year 2013, and "a slightly more protracted recovery" in the country.

Read more about: gdp, economy
Story first published: Wednesday, March 13, 2013, 13:30 [IST]
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