In a survey of 17 forecasters conducted by the Reserve Bank of India (RBI), the economic growth of the country is likely to expand at a rate of 5.7%-6%, slower than expected earlier in the current financial year. The survey has also predicted more rate cuts as there is an enough room for banks to slash rates without hurting their profitability.
RBI has conducted the survey every quarter since September 2007 and the survey does reflect the forecasters’ views and not of the RBI. Forecasters have projected their 2009/10-growth forecast to 5.7% to 6.5% percent from 6%.