Goldman cuts India's FY09 growth forecast to 6.7%

Goldman Sachs cut its growth forecast for India citing "larger-than-expected shock" to the financial sector over the last couple of months, and its knock-on effects on both domestic and external demand. The brokerage lowered its GDP growth numbers for FY09 to 6.7 per cent from 7.5 per cent and for FY10 to 5.8 per cent from 7 per cent, Goldman said in a research note today, according to media report. It is the impact of the global crisis that has been there for long time. The US crisis is the biggest factor concern for the Indian industries and corporate. The reports also note that the corporates will be hurt.