RTTNews - The Centre for Monitoring Indian Economy (CMIE) has lowered India's Gross Domestic Product (GDP) growth to 5.8% for fiscal 2010, report media. The think tank said that this revised forecast was due to the expected lower agricultural output because of delayed monsoon. Earlier, CMIE forecast a GDP growth of 6.6% for the period.
The think tank said that the south-west monsoon reported a backlog of 46% as of last month, and this could lead to a 4.7% decline in agricultural output. It also lowered the forecast for industrial output to 4.8% from the earlier 5.1% due to the delayed monsoon.
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