India likely to grow less than 6% in fiscal 2013: Survey

Jul 09, 2012 |

Reuters

mumbai

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India's GDP growth will likely be less than 6 per cent for FY13, according to 72 per cent of respondents in a client survey by Standard Chartered Bank.

Twenty percent of the 125 corporate respondents said growth may be even less than 5 percent.

However, 85 per cent of the respondents said India can return to its pre-crisis growth levels of about 9 percent before 2016.

The view is likely driven by the fact that the 2014 general elections will effect a change in the political scenario which will be more conducive to economic growth, the bank said in a note.

Only 27 per cent of the respondents thought RBI should reduce interest rates by more than 75 bps. Most of the clients (66 per cent) expected a 0-50 bps reduction in rates.

Views on the rupee were mixed with 40 per cent of the sample expecting USD/INR to be above 57 by end-September, whereas 4 per cent felt it could come in above the psychological level of 60.

Another 40 per cent expect a 55-57 range by the end of September.

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