"Given the lags with which monetary policy operates, the monetary easing will have a bigger impact on the 2014-15 GDP growth than 2013-14," the investment bank wrote in a note dated Thursday.

Credit Suisse is one among the many foreign broking and institutional firms to cut India's GDP ratings. Earlier, Standard Chartered., Goldman Sachs and Bank of America Merrill Lynch cut India's GDP rating.

High inflation and high interest rates have resulted in slowing growth in the last couple of quarters. The trend is unlikely to reverse despite the government's recent reform measures.

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