Brokerage CLSA cut its forecast for Indian gross domestic product (GDP) growth to 6.7 percent for the current fiscal year ending March from its earlier projection of 7.3 percent, citing cyclical deceleration caused by high interest rates, policy inertia and the adverse impact of global headwinds.
On Thursday, the Reserve Bank of India governor said the economy is poised to miss the central bank's growth forecast of 7.6 percent for 2011/12 and the inflation outlook is uncertain.
The government said in a mid-year review this month that it expected the economy to grow by 7.25 to 7.75 percent in 2011/12, down sharply from an estimate of 9 percent issued in February.
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