CRISIL on Tuesday downgraded India's growth outlook citing deficient rainfall and worsening Eurozone growth outlook.
The agency forecasts the economy to grow 5.5 percent for 2012-13, down from its earlier forecast of 6.5 percent. At the same time, inflation estimate was raised to 8 percent from 7 percent.
The Reserve Bank of India sees 6.5 percent growth for 2012-13. The central bank said the slower global growth as well as an expected slowdown in service sector expansion will possibly act as a drag on the economy.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.