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India Lowers Economic Forecast Again
ndia 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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ndia 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 cut its forecast for expansion to 5.5% from 5.8%. India's gross domestic product increased 5.3% in the July-September period, the weakest growth in three years.
The downgraded GDP estimate reflects high interest rates, government budget deficits and a greater-than-expected industrial downturn caused by slowing domestic and export demand, economists say. They 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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