Macquire forecasts India's growth to slowdown

Australia- based brokerage firm Macquaire Securties has forecast that India's growth for the current year ending March 2009 will slow to 6.5% and slip further to 5.5% in FY'10.

Head of India and ASEAN Economics, Rajeev Malik said, ` This slowsown is still not as steep as other Asian economies except China.'' .

Earlier this week Goldman Sachs had also lowered its India growth forecast for FY'10 to 5.6%.

In a presentation to the clients and media in Mumbai, Bill Bellchere, Head Asian Economics, said that five of the eleven major Asian economies are expected to post a negative growth during the year. These include Hong Kong, Korea, Singapore, Taiwan and Japan.