Ratings agency CRISIL cut its India's economic growth forecast for the current financial year to 6.5 percent from its previous 7 percent. This is due to uncertainty in the eurozone, muted domestic investment demand, a domestic policy logjam, and limited fiscal and monetary space to stimulate the economy, CRISIL said in a report.
The Indian gems and jewellery industry will see muted demand in 2012 with volume growth to be around four percent for the sector, Fitch Ratings said. According to the rating agency, the low volume growth expected to be logged by the sector may be attributed to a reduction in discretionary spending both in the export and domestic markets.
The export of coffee from India has dropped by two percent during the period from October 2011 to April 2012, the first seven months of the current crop year (October 2011-September 2012).