HSBC's downward revision is in line with similar kind of revisions by a host of other think-tanks, research houses, investment banks and other agencies like the UN, Morgan Stanley, Goldman Sachs, Merrill Lynch, Stanchart and Citi.
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
The current account balance is the single most important indicator to assess an economy's health.
HSBC whistleblower Herve Falciani on Monday said he is willing to "cooperate" with the Indian investigative agencies in their black money probe.
Domestic and external environment still remain "challenging".
The Hongkong and Shanghai Banking Corporation is looking at investing over $400 million in India with organic growth driving expansion.
Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
India attracted $1.4 billion FIIs in November, says a report by HSBC.
The fully funded scholarship includes tuition, living expenses and travel cost for a one-year-postgraduate programme.
Slowing economy, election-related uncertainty and tighter monetary conditions pose risks for Indian markets and the BSE index, Sensex, is likely to hover around 20,250 by the end of this year.
Current account deficit is expected to narrow to 1 per cent.
Meanwhile, outlook for global emerging markets remained relatively weak in September.
Though the level of gloom about the future business outlook moderated among the big-four emerging market economies, Indian counterparts are the most confident.
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
Global banking major, HSBC has retained its India GDP growth forecast of 6.2 per cent in FY10 but hiked the outlook for next fiscal by 0.5 per cent to 8.5 per cent given the economic recovery.
The I-T department has also filed 77 prosecution cases.
India remains one of the most over-owned market in Asia.
Last year, HSBC agreed to pay $1.92 billion to settle allegations of violating American sanctions with respect to Iran and other countries, among others.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys stood at 52.6 in March, little unchanged from the February reading when it stood at 52.4, indicating a subdued rate of economic growth in global emerging markets.
The index has remained above the 50-mark, below which it indicates contraction, for more than three years now.
With over 3,000 species of plants, 26 interconnected lakes and the 250-year-old Great Banyan Tree -- the largest in the world -- the Indian Botanic Garden is a veritable treasure, discovers Payal Singh Mohanka.
In the mid-quarter monetary policy review last month, RBI Governor Raghuram Rajan had left the key policy rate unchanged, after raising it 50 bps in two instalments since he took over on September 4, saying he was waiting for more data clarity.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
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The subdued labour market is likely to recover.
India's manufacturing sector witnessed a slowdown in July - the weakest growth rate since November - because of moderation in domestic and export orders amid sagging global economy, an HSBC survey said.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
The index, however has remained above the 50 mark - below which it indicates contraction - for more than three years now.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
The Securities and Exchange Board of India began its formal investigation into the complaint earlier this year.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
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