S&P cuts growth forecast to 5.5%https://indianexpress.com/article/news-archive/web/sp-cuts-growth-forecast-to-5-5/

S&P cuts growth forecast to 5.5%

Standard and Poor’s has lowered the growth forecast for India to 5.5 per cent for this fiscal,from 6.5 per cent projected earlier,citing “volatile” global economic situation

Standard and Poor’s has lowered the growth forecast for India to 5.5 per cent for this fiscal,from 6.5 per cent projected earlier,citing “volatile” global economic situation. According to S&P,lack of monsoon rains has affected India,“for which agriculture still forms a substantial part of the economy”.

However,brushing aside the S&P’s forecast,the Prime Minister’s Economic Advisory Council said that growth is expected to pick up in the second half of this fiscal and reach 6.7 per cent for entire 2012-13.

“I think it is a wrong assessment. I do not know the basis for the growth rate estimated by the rating agencies. But we stand by the growth rate that we have forecast that is 6.7 per cent”,PMEAC chairman C Rangarajan said. There were enough indications to this effect,he said.