It further said inflation has already begun easing, and consumer inflation expectations are falling, so attention has shifted from estimating the peak level of the current hiking cycle to the timing of rate cuts.
India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser, and owns popular household brands such as Dettol, Lysol, Harpic, Durex, Veet and Strepsils.
"We think the new climate goals will be difficult to achieve without significantly compromising India’s stated economic targets and its ambition to become a $5 trillion economy by 2024/25. Indeed, it may not even be possible,” Oxford Economics said.
It added that the underlying dynamics of the May inflation print augur caution and the recovery remains on uncertain ground and with fiscal support in retreat, the RBI will likely be hesitant to remove policy accommodation anytime soon.
Officials on Monday reopened manufacturing and construction activity, allowing workers in those industries to return to their jobs after six weeks of staying at home to avoid infection.
Oxford Economics also said that notwithstanding the likelihood of further mobility restrictions, it expects India's targeted lockdown approach, less stringent restrictions, and resilient consumer and business behaviour to mitigate the economic impact of the second wave.
With the United States suffering its most rampant transmission yet and with major nations in Europe again under lockdown, prospects remain grim for a meaningful worldwide recovery before the middle of next year and far longer in some economies.
Oxford Economics further said that inflation is expected to average significantly above 6 percent in the fourth quarter of the current fiscal and the RBI may hold policy rates in December monetary policy review meeting.
It further said India fares the worst in its Asia recovery scorecard, implying that the country will likely take the longest among major economies to converge to its pre-coronavirus growth level.
Here are the 10 Indian cities that will have the highest GDP growth YoY.
Delhi registered the highest per capita income among all states and union territories during 2015-16 at about Rs 2,80,000, over three times the national average, according to the latest official data released today.
Watch the interview of Kathy Bostjancic, Director, US Macro Investors Services, Oxford Economics with CNBC-TV18's Areeb Sherwani in which she shared her view and outlook on the potential outcome of the US Federal Reserve Meeting.
Watch the interview of Kathy Bostjancic US Macro Investor Svcs Oxford Economics with Ronojoy Banerjee on CNBC-TV18, in which she shared her views on the impending US Fed rate decision and its implications.
China's economy has slowed steadily since 2010, when gross domestic product (GDP) growth last topped 10 percent. China's President Xi Jinping is predicting 6.5 percent GDP growth next year and the International Monetary Fund is forecasting 6.3 percent.
Emerging Asian economies remain a challenging operating environment says new risk ratings.
SMEs should build robust bonds with customers, suppliers and other partners. Networking leads to evolution of innovative strategies between supplier and buyers.
Watch the interview of Kathy Bostjancic, Director US Macro Investor Services, Oxford Economics with Surabhi Upadhyay on CNBC-TV18, in which she shared her reading and outlook on US Jobs report.
Watch the interview of Kathy Bostjancic, Director - US macro investor services, Oxford Economics with Menaka Doshi on CNBC-TV18, in which she shared her reading and outlook on US jobs market report.
Watch the interview of Kathy Bostjanicic of Oxford Economics with Surabhi Upadhyay on CNBC-TV18. Kathy talks about what to expect from the Federal Reserve on QE and rate hikes.
Oxford Economics' Global Study sponsored by SAP reveals small and midsize firms that do business in six or more countries will more than double in three years.