More 'cuts' to the bleeding economy

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Financial services major BNP Paribas cut India's Gross Domestic Product (GDP) growth forecast to 3.7 per cent in 2013-14 from 5.2 per cent. The agency cited the reasons for a cut as the rapid rupee depreciation, rising energy costs, sharply tightening financial conditions and policy confusion. The last time India had a growth level below 4 per cent was in 1991-92 when the GDP growth crawled at 1.4 per cent. Various other agencies and banks, including the World Bank and IMF, have also cut India's growth projection for FY14