Downgrade season

Though the government continues to put a brave face, and the rupee has stabilised since the petrol price hike, half-hearted as it was, there is enough out there for the government to be seriously worried about. Few took brokerage firm CLSA seriously when in December, apart from forecasting a 6.7% GDP growth for FY12, it actually forecast a lowering to 6.3% in FY13—CLSA was also forecasting a rupee at 55 to a dollar by December.

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