Mumbai: HSBC cut its economic growth forecasts for fiscal 2013 and 2014 for India citing "the lack of reform traction", a more "challenging" global economic backdrop, and expectations the central bank will push back the timing for rate cuts.

HSBC said it expects India to grow 5.7 percent in fiscal 2013, down from its previous forecast of 6.2 percent, in a report dated on Thursday.

The bank also cut its gross domestic product forecast for fiscal 2014 to 6.9 percent from 7.4 percent.


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