In its Macroeconomic and Monetary Developments Second Quarter Review 2013-14, the central bank said the survey by professional forecasters outside the Reserve Bank indicated a slowdown in growth.
"The median growth forecast for 2013-14 was revised downwards to 4.8 per cent from 5.7 per cent in the previous round, which is lower than the growth of 5 per cent registered during 2012-13," RBI said.
Various external agencies like the IMF and the World Bank have lowered their growth projections for India. Their estimates range between 4.3-5.9 per cent.
"Growth has slackened to a 17-quarter low of 4.4 per cent during first quarter of 2013-14. On current reckoning, growth in 2013-14 is likely to stay at about the level of last year.
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"After a slower H1, a modest recovery is likely in H2 of 2013-14. This is expected to come from a rebound in agricultural growth backed by a better than normal south-west monsoon and a pick-up in exports," RBI said.
In part, the central bank said, slowdown is the result of global cyclical conditions. However, it has been exacerbated by domestic factors, a large part of which can be addressed through concerted policy actions and their implementation.