India government cuts GDP forecast to 5.5% from 5.7%

It also sees inflation to fall below target.

According to Maybank Kim Eng, Central Bank moderates growth forecast in its macro economic survey. Yesterday, ahead of its policy meet today, the central bank published its recent economic survey. It has now cut down the GDP growth for FY13 to 5.5% from 5.7% but stated that the inflation too will remain below its expected level of 7.5%.

Here's more:

For FY14, it has a GDP growth forecast of 6.5% but expects the inflation to remain sticky due to increase in fuel prices as per the recent gov't policy (lifting of cap on diesel prices and bringing gas prices on parity with imports).

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