India's fundamentals intact, may bounce back in FY13: CMIE

Delay in commissioning of infrastructure projects coupled with sluggish investment cycle has been concerning for the Indian economy.

In an interview to CNBC-TV18, Mahesh Vyas, managing director and chief executive officer, Centre for Monitoring the Indian Economy said, "We are seeing a substantial slowdown in implementation of a lot of projects. Many of them that have been in an advanced stage of completion are failing to see complete commissioning." Like many others, CMIE also has scaled down India's FY12 growth forecast to 7.1% against 7.8% projected earlier. With the dismal October IIP data, a further cut in GDP projections is likely, he added. However, he doesn't see any fundamental problems in the economy. "We certainly can come out of this. The only concern is that we will see lower growth in FY13 compared to what could have been possible if FY12 had worked out as it should have worked out. I don