India's economy is forecast to grow at 4.8 per cent in 2013, down 1.3 per cent from its earlier projection, the UN's World Economic Situation and Prospects 2014 report said.
Globally, jewellery buying fell 14%, investment slid 11%.
According to the QNB Group report, the growth in emerging markets -- from Brazil to Indonesia, Russia and South Africa -- is slowing down, partly reflecting the tightening of domestic policies by these countries last year to stabilise foreign exchange rates.
Last year this time, India was grappling with an imminent sovereign downgrade, with an uncontrolled fiscal deficit, policy paralysis of the highest order with no economic reforms for eight long years and a weakening rupee.
India's fiscal deficit trends are a bit like an alcoholic trying, unsuccessfully, to reform. Virtue does not last for too long, says Shankar Acharya.
Substantial gains can still be made with good policies and initiatives.
The 30-share Sensex is up 253 points at 29,263 and the 50-share Nifty has gained 68 points at 8,829.
According to a new report published by Switzerland-based BIS, which is also referred as 'bank for central banks', the US Federal Reserve's announcement of a possible phasing out of easy money regime has resulted in 'abrupt and sizeable' equity market losses in both advanced and emerging markets.
Asia has opened largely in the green ahead of a raft of Chinese data due during the day.
Europe's discordant leaders snatched a deal on Monday that might just avert Greece's euro exit, but global investors' faith in the durability of the single currency has been tested yet again.
After 3 weeks of consecutive rally, this week was a breather for the index, which corrected by almost 1.5%.
The UN World Economic Situation and Prospects 2014 report said a mild recovery in investment as well as stronger export growth will help in the gradual GDP pick-up.
The IMF dashed any hope that Athens could avert default.
The IMF's predictions for India's near-term growth may seem rosy, but the usual caveats apply - that is, we are apt to under-perform.
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