According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty. India has averaged 7 percent growth in GDP since 1997. Based on this story, it is most likely that the slowdown reflects a

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The slowdown in India's GDP growth rate from its average of 7 percent since 1997 to 5.5 percent, as forecasted by Standard & Poor's, is most likely indicative of a temporary business cycle slowdown rather than a long-term change in economic growth rate, an expansion, or a shrinkage of the economy. This is because economic growth rates fluctuate due to various factors, including global economic conditions, and a one-time reduction does not necessarily imply a permanent change.

According to the Economic Times (09/2012), Standard & Poor's Forecast