Global rating agency Standard & Poor's Ratings Services (S&P) on Tuesday slashed growth estimates for a total of eight Asian countries including India for the current financial year.

For the Indian economy, the rating agency slashed growth estimate to 6 per cent, from its own previous estimate of 6.5 per cent.

The agency cited a blend of weaker global risk appetite and a poor monsoon for the loss of growth momentum in the world's second most populous country.

In its report, S&P said, "For India, a downside scenario featuring a combination of weaker global risk appetite and a poor monsoon seasons would pull growth down to around 5% in 2013. Upside growth would reach 6.5% in 2013."

The global rating agency's growth estimate for the Indian economy is lower than the government's projection of 6.1 per cent to 6.7 per cent, while it is higher than the reserve Bank of India's estimate of 5.7 per cent.

S&P's also revised China's gross domestic product to 7.9 per cent, Hong Kong's to 3 per cent, Japan's to 0.6 per cent, Thailand's to 4.2 per cent, Vietnam's to 5.3 per cent, South Korea's to 2.8 per cent, and Singapore's to 1.9 per cent.