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Goldman Sachs downgrades sluggish Indian economy

Goldman Sachs downgrades sluggish Indian economy Global investment bank Goldman Sachs on Thursday downgraded India to "underweight" on concerns about delayed growth recovery and rising vulnerabilities for the economy.

"Recent activity data in the second quarter of 2013 has been sluggish with no signs of a pick-up in investment demand... Against a backdrop of lower growth, tighter liquidity and rising macro vulnerabilities, we downgrade India to underweight," Goldman Sachs said in a statement.