India govt braces for likely lower growth forecast ahead of elections
NEW DELHI (REUTERS) - India on Friday is likely to cut its estimate of 5 per cent growth forecast for the fiscal year that ends on March 31, thanks to a slower-than-expected recovery by industries.
The revision will do little to help the Congress party-led ruling alliance, which faces an uphill battle in elections due by May amid allegations of economic mismanagement, corruption scams and high inflation.
Last week, the Statistics Ministry revised down economic growth for the previous fiscal year to 4.5 per cent - the slowest pace during the decade Manmohan Singh has been prime minister - from an earlier estimate of 5 per cent.
The revised GDP data for 2013/14 fiscal year, ending March 31, will be released on Friday around 5.30pm New Delhi time (8pm Singapore time).