Macquarie cuts India's FY13 growth forecast to 6.9%

Mumbai: Macquarie downgraded its India’s growth forecast for the year to March 2013 by 1 percentage point to 6.9 percent due to a lack of policy reforms and the lagged impact of monetary tightening.

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“While the global environment is likely to remain uncertain, we believe domestic factors will dominate the growth outlook,” Tanvee Gupta Jain, economist at the investment bank, said in a note.

According to the latest Reuters poll of economists on FY13 growth, conducted in mid-October, the lowest growth forecast was 7.1 percent.

Reuters