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Morgan Stanley cuts India growth forecast

Morgan Stanley cut India's growth forecast for the current financial year to 6.3 per cent as opposed to an earlier 6.9%.

It also cut the 2013 forecast to 6.8 per cent from an earlier 7.5%.

Morgan Stanley has said that A 'bad' growth mix, that is a combination of high national deficit and an expansionary policy of supporting consumption while private investment slows has reached its limits.

The bank expects the Reserve Bank of India to lower repo rate by an additional 100 bps by March 2013, after a 50 bps cut affected in April.

Economic worries over the past few months like rupee depreciation, high inflation and current account deficit are not helping India, which has been trying to get back on the pre-global crisis growth rates of 8-9 per cent.

The rupee has depreciated by 11 per cent against dollar since March. At the same time, inflation in April rose to 7.23% against 6.89% a month ago.

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