While most firms have predicted an above-7-percent growth for the Indian economy in the current fiscal year, Ambit Capital Research has said the country is experiencing "pronounced economic slowdown" and could grow 6.8 percent in 2015-16.
India's gross domestic product (GDP) growth may be lower than that recorded in the previous fiscal, the research firm told in a note to Press Trust of India.
"We reiterate our point of view that GDP growth in India is likely to remain under pressure in the immediate term. In specifics, we expect GDP growth to be recorded at 6.8 percent in 2015-16 (as against 7.2 percent in 2014-15)," the report said.
The Ke-qiang Index (IKI), which tracks "real" economic indicators, for India is indicating a weak economic momentum, said Ambit Capital. The firm launched the index for India in September last year.
"This indicator confirms our view that the Indian economy is undergoing a pronounced economic slowdown," the report added.
According to estimates of the Central Statistics Office (CSO), India's GDP growth is expected to increase to a five-year high of 7.6 percent in 2015-16.
India's GDP growth was 7.3 percent in the December quarter, staying ahead of China's growth of 6.8 percent in the same quarter.
Global rating agency Moody's Investors Service said Thursday India's GDP is likely to grow 7.5 percent in the calendar years 2016 and 2017.
"In the five years to the end of the decade, we expect GDP per capita (at market exchange rates) to increase by 34 percent in real terms in India, compared to only 3.6 percent in the G20 emerging markets excluding China and India," Moody's said.