Morgan Stanley projects 6.3% Growth Rate for Indian Economy

Business News: In a significant development, Morgan Stanley slashing its earlier project of growth rate of 6.9 per cent for Indian economy, on Monday cut the growth forecast to 6.3 per cent for the current fiscal year. Morgan Stanley further projected a growth rate of 6.8 per cent for year 2013, as it was project a growth rate of 7.5 per cent earlier. The falling value of rupees against US dollar and the soaring inflation, which is near the double digit market has been said be to the major factors affecting the growth rate.