UN cuts India GDP forecast to 6.1% for ’13, fears another recession
Warning that the global economy could slip into a new recession this year, the United Nations on Thursday pared India's growth forecast sharply to 6.1% for 2013 from 7.2% projected earlier due to a combined impact of high interest rates and a bulging fiscal deficit. UN's World Economic Situation and Prospects report also points out that downside risks like the European debt crisis and a hard landing in China could impact India and restrict real GDP growth to 6.5% in the next calendar year.