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India Forecasts Lowest Growth in Decade, Sees Rate-Cut Scope

Growth rate forecasted lower than original 7.85%; trouble on horizon?

By Abhijit Roy Chowdhury and Kartik Goyal | Updated on December 17, 2012

India’s economy will grow at the slowest pace in a decade in the current fiscal year, according to forecasts by the Finance Ministry, which predicts inflation will slow enough to allow interest-rate cuts.

Asia’s third-largest economy will expand about 5.7 percent to 5.9 percent in the year through March, less than an earlier estimate of as much as 7.85 percent, the ministry said in a mid- year review presented in Parliament today. That would be the smallest gain since the year ended March 31, 2003, when gross domestic product grew 4 percent.

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