Morgan Stanley's team of analysts predicts that India is unlikely to lower its interest rates in the fiscal year 2024-25. This forecast is shaped by the Federal Reserve's policy adjustments and robust economic growth in India. Economists Upasana Chachra and Bani Gambhir stated, "We believe that improving productivity growth, rising investment Rate, and inflation tracking above the target of 4%, alongside a higher terminal Fed funds rate, warrant higher real rates."