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Economic analysts interviewed in a Reuters poll believe that the Central Bank of India cut interest rates by 35 basis points on Wednesday is the right decision and that it is likely to cut interest rates for the fifth time in a row at the October meeting.
Surveys conducted before the August meeting showed that a 25 basis point cut in interest rates was firmly in place, but the Bank of India is expected to maintain interest rates unchanged for the rest of the year.
However, a more recent survey on August 7-8 predicted that the Bank of India would cut interest rates by 25 basis points to 5.15% in October. If the Central Bank cuts interest rates as expected, it will be a repeat of the trend of interest rate cuts in 2000-01.
After the expected rate cut in October, the Bank of India is expected to cut interest rates by 15 basis points in the first quarter of next year to a 10-year low of 5.00%, but largely depending on global conditions.
"India is experiencing an economic and financial slowdown, with little support from fiscal policy. This responsibility is being shouldered by monetary policy, but more needs to be done in this regard, "said Shobana Krishnan, chief economist at Edelweiss.
"Traditional indicators of economic growth and inflation are far from showing signs of a recent recovery. Therefore. We think it is reasonable to cut interest rates further by 50 basis points in fiscal year 2020.

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