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India Cuts GDP Outlook for Second Time in Two Weeks
India has reduced its estimate for domestic economic growth in the fiscal year ending March 31 to 5%, the slowest pace in a decade.
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India has reduced its estimate for domestic economic growth in the fiscal year ending March 31 to 5%, the slowest pace in a decade.
Last week the country's statistical office lowered its forecast for expansion to 5.5% from 5.8%.
Economists note that the country's slowdown is bad news for foreign companies that have been counting on growing demand in India to offset deteriorating markets elsewhere.
Waning consumer confidence and steep gasoline prices reversed early gains in auto sales last year. Demand dropped in four of the last five months of 2012, including a 13% decline in December.
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