HSBC cuts India’s GDP growth forecast to 4%

HSBC cuts India’s GDP growth forecast to 4% from 5.5 per cent earlier.

HSBC has lowered India’s Gross Domestic Product (GDP) forecast for the current financial year 2013-14 to 4 per cent from 5.5 per cent earlier saying economic uncertainty is likely to weigh on the growth forecast in the coming months.

According to the global financial services major, growth is likely to slow in the near term due to tighter financial conditions and higher macroeconomic uncertainty.

“In light of this, we revise down our GDP growth forecast to 4.0 per cent (5.5 per cent) for FY2014 and to 5.5 per cent (from 6.6 per cent) for FY2015,” HSBC said in a research note.

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