India lowers 2015/16 growth estimate to 7-7.5 pct - finance ministry report

NEW DELHI (Reuters) - The government on Friday lowered its growth forecast for the fiscal year ending in March 2016 to 7-7.5 percent from 8.1-8.5 percent estimated in February.

The revision came after Asia's third-largest economy grew 7.2 percent in the first half of the 2015/16 fiscal year.

In its mid-year economic review presented in parliament, the finance ministry said though the economy has made considerable progress, yet challenges remain.

(Reporting by Manoj Kumar; Editing by Malini Menon)