As many as 28 agencies have forecasted India’s GDP to grow at 6.95% in the current financial year, which is about 25 basis points (bps) lower than the Reserve Bank of India’s (RBI) forecast. According to a note by the Centre for Monitoring Indian Economy (CMIE), these agencies had earlier predicted growth at 7% last month, but recent macroeconomic data has led them to revise their estimates slightly downwards. “Broadly, expectations are seen moderating as some forecasters caution about inflation, public spending, and industrial growth. While expectations of others ride high on consumption demand and the government’s fiscal discipline,” stated an article authored by CMIE’s Janaki Samant.