New Delhi - AFP
A top advisory panel to the Indian prime minister cut its forecast for the country's economic growth this year to 8.2 percent, reflecting higher interest rates and global uncertainties. In February, the Economic Advisory Council had forecast 9.0 percent economic growth in the 12 months to March, an estimate in line the government's own growth projection. "The projected growth rate of 8.2 percent, though lower than (the) previous year, must be treated as high and respectable, given the current world situation," the panel said in a report. Last week, India's central bank increased rates by a higher-than-expected 50 basis points, the 11th rise since March 2010, as it struggles to combat near double-digit inflation. The panel said it expected the cycle of rate rises to continue.