India heading for economic growth below 5%: Analysts

The Reserve Bank of India has cut interest rates five times this year to boost growth, with the monetary easing complemented by fiscal measures, including $20 billion of tax cuts for companies. 'We now expect larger rate cuts from RBI in December,' said Soumya Kanti Ghosh, chief economic adviser at State Bank in Mumbai, whose growth estimate matches that of Nomura's Varma. 'However, such rate cut is unlikely to lead to any immediate material revival.' Finance Minister Nirmala Sitharaman last week said it was too early to say if the slowdown had bottomed out. Companies are planning new investments which might take time to materialize, she said. 'We doubt that these tailwinds will have been enough to offset the weakness elsewhere,' said Shilan Shah, senior India economist at Capital Economics in Singapore, who is forecasting a 4.7% expansion. 'It is clear that the recovery in growth we have been forecasting has so far proved elusive.' DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Indian Expresshttp://knowledge.thinkingstorm.com/UserProfile/tabid/57/userId/400422/Default.aspx

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