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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