" Indian corporates were expecting a rate cut in view of sustained low CPI, WPI and food inflation coupled with benign oil prices in global market helping a positive current account deficit. In my opinion, this was possibly the best time to have a rate cut and give a real impetus to the growth, which is yet to take off in Indian economy as of today," said Prabal Banerjee, President (International Finance) of Essar group.

RBI seems to wait for the Budget-2015 before it further slashes the Repo Rate and the Cash Reserve Ratio. Also the favorable economic conditions cited by the bankers are certainly sustainable and look stable for some more time to come.

Governor of RBI Raghuram Rajan explained the rationale behind the status quo "Given that there have been no substantial new developments on the disinflationary process or on the fiscal outlook since January 15, it is appropriate for the Reserve Bank to await them and maintain the current interest rate stance." Bankers however expect a 300 BPs slash in the interest rate by the end of 2015.

The Central Bank says. "Domestically, conditions for growth are slowly improving with easing input cost pressures, supportive monetary conditions and recent measures relating to project approvals, land acquisition, mining, and infrastructure. Accordingly, the central estimate for real GDP growth in 2015-16 is expected to rise to 6.5 per cent with risks broadly balanced at this point.”

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