The Asian Development Bank (ADB) on Wednesday sharply lowered its forecast on India's economic growth to 4.7 percent for this year from its earlier projection of 6 percent.
In an update of its flagship annual economic publication, Asian Development Outlook 2013, the ADB said the Indian economy has been under pressure with the recent depreciation of the rupee and capital outflows adding to structural constraints which are weighing heavily on its prospects for returning to a high growth path.
“With gross domestic product in the first quarter of 2013-14 expanding at its slowest pace since the global financial crisis, ADB revised down its growth forecast to 4.7 percent from 6 percent projected in April,” the Manila-based lender said.
It has also lowered the growth forecast for next financial year to 5.7 percent from its earlier projection of 6.5 percent.
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