Morgan Stanley Cuts India’s Growth Forecast To 6.3%

21 May 2012 17:00 - Florence Fullalove

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Morgan Stanley Cuts India’s Growth Forecast To 6.3%

Morgan Stanley have cut India’s economic growth forecast for 2012 to 6.3% from 6.9%, while also cutting its forecast for 2013 to 6.8% from 7.5%. Morgan Stanley said the cut was because of a combination of high national deficit and an expansionary policy of supporting consumption while private investment slows.

Planning Commission Deputy Chairman Montek Singh Ahluwalia said that Falling rupee and high inflation would make it difficult for India to achieve 7.5 % economic growth during the current financial year. "The Finance Ministry has said they are hoping for a 7.5 percent growth this year. That is going to be tough but not impossible," Ahluwalia said. He said while the last quarter did not show robustness, it remains to be seen how growth in the first quarter of the current fiscal will fare."It is going to be a slow transition," he said, adding that in India "we need to get out of what looks like a decelerating growth phase, and move to the growth path." Economic worries over the past few months like rupee depreciation, high inflation and current account deficit are not helping India, which has been trying to get back on the pre-global crisis growth rates of 8-9 percent.

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