According to Bank of America, Indian GDP could grow at about 4% in the March quarter and also in the June quarter. Fitch expects the GDP growth to remain under pressure for most of fiscal 2020-21.

RBI rate cuts are high on expectations. For example, BOFA expects 75 bps rate cut by the RBI in the next 1 year while Fitch believes that the RBI could take rate cuts as much as 175 basis points by the end of calendar year 2021.

In the last few weeks when the global central banks have all aggressively cut rates, the RBI has appeared to be in no hurry to cut rates and preferred to stick to open market operations (OMOs).