International brokerage Credit Suisse on Thursday cut its FY13 growth estimate for the country by a notch to 5.9 percent blaming a delay by the Reserve Bank in cutting rates and prop up growth."This largely reflects the delayed RBI rate response, although we continue to stress that our projections are above those of the consensus," the firm said in a note, cutting the 2012-13 estimate by 10 basis points.
In the first half of the fiscal, the economy grew 5.4 percent and the government has pegged its projection between 5.5 and 6 percent this fiscal.
The note said Credit Suisse expects the RBI, which has been holding on to its elevated rates despite concerns over growth citing the high inflation, will cut rates by 0.50 percent only in January and not in the upcoming mid-quarter policy review on December 18.
Credit Suisse also said that it expects a further rate cut of up to 0.75