The Asian Development Bank (ADB) has said that it revising India's growth forecast to 5.4 percent in 2012-13 financial year.

The new forecast was announced just two month after it projected that the Asia's third largest economy would grow at 5.6 percent during the financial year. The regional agency said that it has now revised 5.6 percent to 5.4 percent during this fiscal year.

The ADB said, "India's growth forecast is revised from 5.6 percent to 5.4 percent in fiscal year 2012 and from 6.7 percent to 6.5 percent in FY 2013."

The remarks were added at the Supplement to the 'Asian Development Outlook (ADO) 2012. This is the fourth time that the bank has slashed growth estimates for India this year. ADB had projected a growth of 7 percent for India in ADO released in April and later reduced its estimate to 6.5 percent in July and further to 5.6 percent in the ADO released October.

The bank cited reasons like the falling global demand and impact of delayed monsoon on agricultural production for slowing growth in the Indian economy. Meanwhile, the bank has lowered its 2012 growth forecast for Asian region to 6 percent from 6.1 percent.