After the decline in retail inflation in February to 3.6 per cent, the March inflation print is also trending below the RBI's 4 per cent target which is likely to lead to another rate cut by the central bank next month,

In its latest Ecowrap report, the State Bank of India (SBI) has projected a 75 basis point rate cut in the current fiscal year, citing easing consumer price inflation (CPI) and improving industrial and corporate performance, ANI reported.

India's retail inflation fell below 4% in February for the first time in six months mainly due to a decline in vegetable prices, giving the central bank room to cut rates further in coming meetings.