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Morgan Stanley lowered India's economic growth to 5.8% in the current fiscal from its earlier forecast of 6.4%, due to decline in agricultural production, reported the media. The government has projected 6.3% growth while the Reserve Bank of India predicted it somewhere above 6%.
The U.S. bank said the agricultural output was likely to drop 3% during the year as against the earlier anticipated growth of 1.5%. It, however, was expecting India's non-agriculture GDP growth to improve significantly.
But, higher government spending in rural areas and a drop in the share of farm output on rural incomes would offset the impact on the growth of the industry and the services sector, it added.
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