HSBC further cut its India growth forecast for the current and next fiscal years, saying the slowdown in the economy has become more structural than cyclical.
HSBC cut its GDP forecast for the year ending in March to 5.2% from 5.7%, and its forecast for the next fiscal year to 6.2% from 6.9%, according to a report released on Thursday.
"We think the reform process will take time and it will likely be another three years before growth returns to 8 percent on a sustained basis," it said.
HSBC had previously cut its India growth forecasts for fiscal 2013 and 2014 in September.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app