Sep 24, 2012, 03.53 PM IST
Rating agency Standard & Poor's (S&P) today lowered India's GDP growth forecast to 5.5% despite a slew of plocy measures announced by the government last week.
Earlier, Indian rating agency CRISIL too had slashed its forecast for the country's GDP growth to 5.5% from 6.5% earlier for this fiscal. HSBC has also cut growth forecast for fiscal 2012-2013.
India’s Plan panel also lowered annual average economic growth rate to 8.2% in the 12th Five Year Plan (2012-17) from earlier average economic growth rate of 9% due to lower economic growth and lack of appropriate policy measures.
It may, however, be recalled that in the April-June quarter, India's GDP grew at 5.5% (compared to 5.3% in the previous quarter) after eight successive quarterly decline.
S&P had cut its outlook on India's sovereign rating of `BBB-' to negative from stable in April. It had upgraded India to investment grade BBB rating in January 2007, after four years of above nine per cent growth.
Meanwhile, it has also cut China’s GDP growth forecast to 7.5%.
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