The Reserve Bank of India is set to cut interest rates in August for the fourth ...
BENGALURU - The Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside.
Almost 80% of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50% at the Aug. 7 meeting. Three respondents predicted a 50 basis points cut and the remaining 10 forecast policy on hold. The poll’s findings support RBI Governor Shaktikanta Das’ recent comments about the central bank’s accommodative stance and suggests further easing.
Asia’s third-largest economy expanded at 5.8% year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3% to 7.2% each quarter through to end-March 2021. “India’s economy continues to show weak growth momentum. We believe that while recovery is nascent, maturity is still a far way off,” said Rini Sen, India economist at ANZ.
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