Deutsche Bank cuts India GDP forecast to 5 percent

Deutsche Bank cut India's growth forecast for the current fiscal year ending in March 2014 to 5 percent from 6 percent after recent industrial production, trade, and business sentiment data, it said in a note on Friday.

"We feel that a growth turnaround would take longer than we had expected earlier. The weak trend of capital goods imports suggests that the rate cut cycle has not yet managed to turn around investment sentiment," Deutsche said in the note.

Also read: Growth to be below 6.5% for FY14; rupee key concern: PM

Deutsche's growth forecast matches the lowest forecast in a Reuters poll this week and follows other major downgrades of gross domestic product by Macquarie and Bank of America-Merrill Lynch earlier this week.

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