CLSA cuts GDP growth estimate to 7%
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A day after government data unveiled the bad news about Indian economy's growth (growth falling to 6.9 per cent from 8.4 per cent in the same quarter of the last fiscal) CLSA said its FY13 GDP growth estimate for India will be reduced to around or below 7 percent from 7.5 percent.
FY12 GDP growth will be reduced to 7.1-7.2 percent from 7.3 percent as Q311 GDP growth decelerated to 6.9 percent year on year from 7.7 percent in Q211.
Growth drags (both cyclical and because of policy related issues) continue and the risk to our forecast remains on the downside, said CLSA in a note.
On Monday another bad news that hit India was that its eight core sector industries grow 0.1% in October - growth of these eight infrastructure industries plummeted from the earlier 7.2%.
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