IndiaUBS boosts India's growth forecast to 9.5%

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Mumbai: Swiss brokerage firm UBS Securities has raised its GDP growth forecast for the current financial year from 7.5 per cent to 7.5 per cent. Earlier, in a report released in September, UBS Securities had projected India's GDP growth at 7.5 per cent.

The foreign brokerage firm said the faster-than-expected recovery in the economy, increased consumer confidence levels and increased spending power have boosted India's GDP growth forecast.

However, the ratings agency has said that the growth rate is expected to slow down in 203-2 next year as the benefits of lower interest rates cease to accrue. It is estimated to be 9%. At the same time, it could rise to six per cent in FY 205-2.

The Reserve Bank of India may raise interest rates by 0.5% in the second half of the next financial year.

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