Nomura slashes India GDP growth projection to 5.8%
- Nomura has lowered the country’s growth estimate for this fiscal to 5.8%, from 6.7% earlier.
- Nomura has also hacked its India GDP prediction for 2013-14 to 6.6% from the earlier 6.9%.
- The government is targeting at GDP growth rate of around 7.6% this fiscal. India’s economic growth plunged to 6.5% in 2011-12 from 8.4% in the previous two fiscals.
- As per Nomura, India’s monetary and fiscal policies are at "loggerheads" and in impasse.
- It pointed to India government policies as inflationary which reduced the possibility for rate cuts, hurting growth and in turn intensifying the fiscal deficit.
- It has also revised fiscal deficit forecast for India increasing it to 5.8% of GDP in the current fiscal from 5.2%.
- Government aims to curtail the fiscal deficit to 5.1% in 2012-13 from 5.76% in the previous fiscal.
A Japanese multinational conglomerate, or zaibatsu of financial services, financial management consulting companies and related organizations, headquartered in the Nihombashi district of Tokyo, Japan.
The Nomura Group is involved in diversified industries, such as oil and gas, construction, chemicals and FMCG, but internationally the group is known as a financial services, financial management consultancy group, through the global presence of its holding company – Nomura Holdings, Inc. & its direct, indirect subsidiaries.