Macquarie downgraded its India's growth

Macquarie downgraded its India's growth forecast for the year to March 2013 by 1 percentage point to 6.9 percent due to a lack of policy reforms and the lagged impact of monetary tightening.

"While the global environment is likely to remain uncertain, we believe domestic factors will dominate the growth outlook," Tanvee Gupta Jain, economist at the investment bank, said in a note.

According to the latest poll conducted by a news agency of economists on FY13 growth, conducted in mid-October, the lowest growth forecast was 7.1 percent.