ASIA-ECONOMY-ADB:ADB cuts India's growth forecast to 5.6 pct for 2012

The Asian Development Bank cut most of its 2012 and 2013 growth estimates for developing Asia on Wednesday as a slump in global demand weighs on the region's powerhouses China and India and on its export-dependent economies. The Manila-based bank said the region should diversify its growth drivers and capitalise on its booming service industries, as seen in India and the Philippines, to sustain domestic growth amid prolonged weakness in external demand.