JP Morgan cuts India 2014/15 growth forecast to 5.1% from 5.3%

JP Morgan cuts its India GDP growth projection for 2014/15 to 5.1 percent from 5.3 percent after weak factory output print.

"IP (industrial production) debacle is the straw that breaks the camel`s back," JP Morgan said in its Oct. 10 report.

India`s August industrial output rose just 0.4 percent compared with 2.4 percent estimated in a Reuters poll.

The Reserve Bank of India projects GDP to grow at around 5.5 percent in the current fiscal year ending March 2015.

A slower growth and a fall in oil and commodity prices increase the chance for the RBI to attain its challenging 6 percent consumer price inflation target by January 2016, JP Morgan said.