After Crisil,two more financial groups slashed Indias growth estimates. US banking giant Citi on Wednesday cut its India growth estimate for fiscal 2013 to 5.4 per cent from 6.4 per cent. Citi warned that if drought conditions worsen,growth may slip further to 4.9 per cent. The stars just dont seem to be aligning for India,with almost all the growth drivers being hit, a note from Citi said,adding that it is scaling down its FY 2014 growth estimate to 6.2 per cent from 6.9 per cent.
Global brokerage firm CLSA also cut its GDP growth estimate to 5.5 per cent from earlier 6 per cent,stating,The revised forecast assumes lower growth of zero per cent for the agriculture and allied sector.