HSBC lowered India's GDP Forecast to 4 Percent from 5.5 Percent

HSBC on 2 September 2013 lowered India's GDP forecast for the financial year 2013-14 to 4 percent

Created On: Sep 2, 2013 19:25 IST

HSBC on 2 September 2013 lowered India's GDP forecast for the financial year 2013-14 to 4 percent from 5.5 percent earlier. As per the official data, India’s economic growth in the April-June quarter decreased to 4.4 percent, the lowest in past several years. The decline in mining and manufacturing output was the reason behind this poor performance.

HSBC stated that factors like RBI's currency stabilisation measures and heightened macroeconomic uncertainty are making consumers and businesses more cautious about spending.

The pressure on growth momentum will pose greater challenges for policy makers who will be trying to stabilise the falling currency, which had declined to all time low of 68.80 to dollar on 28 August 2013 and is currently lingering around the 66/dollar mark.HSBC expect growth to slow in the July-September quarter of 2013 and decrease below 4 percent. HSBC added that growth will slightly recover during the final quarter of the fiscal year as macroeconomic uncertainties get minimized.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

5 + 4 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all