Weak monsoon lead to growth forecast downgrade
Weak monsoon forces major rating agencies like Crisil and CVLA to revise FY13 growth forecasts lower to 5.5 per cent from the previous 6.5 per cent. It has further raised average inflation forecast to 8 per cent. D K Joshi, chief economist of Crisil, compares this with a similar situation in 2009-10 when, surprisingly, the impact of delayed monsoon was not as much.
