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India's economic growth in April-June was the slowest since 2013, as consumer demand and government spending slowed in the context of Global trade frictions, which increased the possibility of further interest rate cuts by the Bank of India at its next meeting.
Official data released on Friday showed that India's economy grew by only 5.0% in the third quarter compared with the same period last year, far below the 5.7% forecast of analysts surveyed by Reuters. Analysts believe the slowdown could last for two or three years, while much-needed structural reforms need to be put in place.
In its annual report released on Thursday, the Bank of India said it needed to vigorously boost infrastructure spending in order to revive consumer demand and private investment.
Structural reforms are also needed to pave the way for Indian businesses, the report said.
The Bank of India has cut its target buyback rate by 110 basis points this year, and it may cut interest rates by at least 25 basis points at its next meeting of the Monetary Policy Committee in October.
India's economy grew 8% in the same period last year and 5.8% in the previous quarter.
Madhavi Arora, chief economist at Edelweiss Securities in Mumbai, said the economy seemed to have lost momentum.
"The sharp decline in economic growth clearly reflects that the economic slowdown has gone beyond the cyclical scope, and policy makers need to address structural constraints to ensure... Future acceleration of economic growth," Arora said.


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