India Economic Council Cuts Growth Forecast to 5.3 Percent in 2013

The Indian prime minister’s economic advisory council has lowered the growth outlook for the current financial year.

It now expects the economy to expand by 5.3% this year, down from its earlier projection of 6.4% growth.

The new growth outlook is in line with the projections of the central bank and many other economists.

The council also warned that keeping the fiscal deficit within the budget target of 4.8% of gross domestic product (GDP) “could be a challenge”.

In its latest economic outlook, the council said that the fiscal deficit during the first four months of the current financial year had already reached 62.8% of the budgetary provision for the full year.

via BBC

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