Rate cut before Feb 3? Here‘s CNBC-TV18 poll

With inflation on the decline North Block is hoping that a rate cut could be around the corner.Sources in the finance ministry say they see no reason why rates cannot be cut before the policy meeting on February 3, as fall in inflation has given elbow room to Reserve Bank of India (RBI).North Block believes that the time is right for interest rates to ease.But, the economists believe that a rate cut before February is unlikely. Below is a CNBC-TV18 poll:RBI governor Raghuram Rajan opened the door to the possibility of a rate cut in his December credit policy, when he said: “If the current inflation momentum continues, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle.”Now, with consumer inflation dipping below RBI's forecast in December, will Rajan deliver that promised out-of-policy rate cut some time in January itself?90 percent of the economists polled by CNBC-TV18 said they do not expect a rate cut in January and only 10 percent said a rate cut is possible this month.A majority 80 percent said the first cut will come in February, while 10 percent saw it coming only in march, once the union budget is done & dusted.However, all respondents agreed that should the governor oblige in February, one can only expect a 25 basis points cut.Indranil Pan, chief economist, Kotak Mahindra Bank expects a 25 bps rate cut in the February RBI policy.A Prasanna, chief economist, ICICI Sec PD is expecting a 25 bps tate cut in February and 25 bps in April.The view was split when it came to the quantum of rate cuts one can expect through 2015.70 percent said 75 basis points,  20 percent went with 100 basis points and just 10 percent put their money on 50 basis points.So if the Governor sticks to these projections, that much-demanded boost to the economy is clearly a while away.