India cuts growth outlook, calls for review of fiscal, monetary targets

New Delhi

INDIA slashed its full-year growth forecast on Friday, citing weak global demand and lower farm output, and called for speedier reforms, as well as a review of fiscal and monetary policies, to resuscitate economic activity.

In a mid-year review, Prime Minister Narendra Modi's government said the economy would likely expand by 7-7.5 per cent in the fiscal year ending in March 2016, sharply lower than an 8.1-8.5 per cent growth estimated in February.

Still, the South Asian country will remain the fastest growing major economy as China is struggling to maintain the near-…