The sentiment of the CNBC-TV18 poll reflects a broader expectation of a rate cut later in the year, with 70% of the polled analysts predicting a December 2024 reduction. A smaller 10% foresee this happening by February 2025.

“RBI is likely to hold steady for the tenth consecutive MPC, keeping the repo rate at 6.50%. Its outlook on growth and inflation remains positive, reducing the chances of any immediate shift in policy. In recent speeches, Governor Shaktikanta Das has downplayed the influence of US rate cuts on India’s policy while emphasizing domestic growth prospects,” BoFA Securities stated in a note.

It added that the latest RBI bulletin supports this, showing stable growth projections and inflation tracking at 7.2% and 4.5% for FY25, respectively.