17032015Tue

Last updateTue, 17 Mar 2015 2pm

Indian PM's advisory council cuts growth forecast to just 5.4%

An advisory council to Indian Prime Minister Manmohan Singh has cut the country's growth outlook for the current fiscal year to 5.3% from 6.4%.

The new growth outlook is in line with the projections of the central bank and many other economists.

The council also warned that keeping the fiscal deficit within the budget target of 4.8% of gross domestic product (GDP) "could be a challenge".

In its latest outlook, the economic advisory council said that the fiscal deficit during the first four months of the current financial year had already reached 62.8% of the budgetary provision for the full year.

Sluggish growth in the mining and manufacturing sectors coupled with the dramatic depreciation of the Indian rupee has impacted heavily on the country's growth while a lack of reforms has meant that foreign investors have been wary about entering the burgeoning economy.

A slowdown in India's growth, coupled with a recovery in developed markets such as the US - which has made India a less attractive investment option - has prompted them to look for other options.

A current account deficit happens when the country's import bill is bigger than its earnings from exports.

A widening deficit puts strain on the nation's foreign exchange reserves.

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