The reserve bank of India (RBI) Wednesday lowered its forecast for Indian economic growth to 6.7 percent from the previous forecast of 7.3 percent.

The growth forecast is in line with market expectations. India's economy has slipped for five consecutive quarters since April last year, growing at just 5.7 percent in the April-June period, the slowest pace in three years.

The market is widely expected to see a rebound in growth in the next three quarters, but annual growth is hard to exceed 7 percent.

To boost growth, India's government and companies want the RBI to cut interest rates further. But the bank made a decision to keep interest rates unchanged at its monetary policy meeting on Wednesday.