"The lack of monsoon rains has affected India, for which agriculture still forms a substantial part of the economy.
"Additionally, the more cautious investor sentiment globally has seen potential investors become more critical of India's policy and infrastructure shortcomings," S&P said in a press statement.
Prior to S&P, rating agency Crisil too had slashed its forecast for India's GDP growth to 5.5% from 6.5%
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