India slashes growth forecasts.

India's government has cut its fiscal-year GDP growth forecast to 5.7-5.9% from a prior outlook of 7.6% but expects inflation to ease from 7.2% in November to 6.8-7% by the end of March, when the FY ends. Along with "benign global commodity prices," the lower inflation will "facilitate a softening of the monetary policy stance of the RBI," the government said.