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India to have below 5% GDP growth

Economists at State Bank of India, Nomura Holdings Inc. and Capital Economics Ltd. lowered their growth forecasts for the country for the quarter ended September to between 4.2% & 4.7%. Growth of 4.2% would be the lowest since the government adopted a new base year for gross domestic product data in 2012. “High-frequency indicators have plunged and domestic credit conditions remain tight amid weak global demand,” stated Sonal Varma, chief economist for India and Asia at Nomura in Singapore. To propel growth, the Reserve Bank of India has already cut interest rates five times this year.