Amid shock GDP slump, economists cut growth forecasts, see deeper rate cuts

The govt -- which is sticking to its 7% growth projection for the fiscal -- has recently announced a number of steps to improve India's longer-term growth, without providing any immediate support

Economists cut their forecasts for India’s economic growth and predicted deeper interest-rate cuts after data showed a sharper-than-expected slump in output. 

Goldman Sachs Group Inc and Citigroup Inc lowered their growth projections to 6% for the fiscal year through March 2020, while Oxford Economics Ltd said there’s a risk the expansion could be weaker than that.

Data late Friday showed gross domestic product rose 5% in the June quarter from a year ago, the slowest pace in six years and lower than all the forecasts in a