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In a shock forecast, Morgan Stanley warned there was a "very high risk" that growth in Asia's third largest economy could slow to just 4.3% in the 2013 fiscal year unless the government took urgent steps to cut the fiscal deficit and encourage private investment.

 

 Morgan Stanley cut its growth forecast for India to 5.1% on Monday for the 2012/13 fiscal year.

 

 It said “But in its bear case scenario, growth could tumble to 4.3% if policy inaction persisted.”

 

 It had previously projected the economy would grow at 5.8% in the year ending next March.