This is lower than the country's growth rate of 6.7 per cent for the financial year 2008-09.
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It also painted a grim possibility of any major gains in the rupee during the current fiscal saying that the continuing global volatility, and domestic political uncertainty ahead of the 2014 hustings will limit chances of any significant appreciation apart from further impact growth.
Moody's said the asset quality of the banks will remain under pressure.
Sunrisers Hyderabad are lying a lowly seventh with eight points from nine games in the Indian Premier League but head coach Tom Moody is not disheartened by the dismal scenario and said on Wednesday that the team can make it to the play-offs by winning four out of their next five games.
The global rating agencies S&P and Moody's have downgraded the credit ratings for several government-related entities in Dubai on fears about the government's failure to provide timely financial support to them.
Moody is expected to agree a two-year contract to lead the team to the 2007 World Cup.
The Indian economy has bottomed out and the recovery is on the anvil although the days of 8 per cent growth are "gone", Moody's Analytics said.
Monsoon is likely to be below normal in the current year at 93%.
The global ratings agency keeps India's sovereign rating unchanged at 'BBB-' with stable outlook
Global rating agency Moody's Investors Service on Thursday said the Centre's fiscal deficit, which in the first quarter of 2006-07 crossed 50 per cent of what was projected for the whole year, is a matter of concern.
The imports may recover faster, thnaks to a strong demand. "As global prospects are now improving, especially with the US economic contraction easing, India's exports may begin to recover later in the year," Moody's said in a statement.
Telcos may hike mobile rates to recover spectrum cost: Moody's
This rating action follows the announcement by Ford Motor Company (Ford, which has a rating-B3/Stable) naming Tata Motors the preferred buyer for Ford's luxury Jaguar and Land Rover car brands.
Sri Lanka's coach warned of a backlash when his team returns in December for the three-Test series.
Moody's assigns 'Baa3' rating on India, with a stable outlook.
"With the US recording two successive quarters of weak growth, we anticipate Asia will soon begin to feel the pinch of slower demand across the Pacific," said Daniel Melser, senior economist in Moody's Economy.com, a unit of Moody's Corporation. If history is a guide, then expect export numbers around the region to begin sliding in the second and third quarters of 2008, Moody's Economy.com said in its latest report.
Doubles specialist Wesley Moodie was named in South Africa's five-member squad for the Davis Cup World Group play-off tie against India, from September 18 to 20, in Johannesburg.
The US Federal Reserve on Wednesday night hiked interest rates by 0.25%.
According to the provisional figures, it could be the fourth month in a row and fifth month in the last fiscal that industrial growth may turn negative. However, after revision the provisional figures for October and January, which were negative, have turned positive.
In the absence of their regular captain Rishabh Pant, DC have also been struggling in the league.
After declining for 10 consecutive weeks, Inflation, based on wholesale prices, rose by 0.36 percentage points for the week-ended January 10, from 5.24 per cent for January 3.
Sunrisers Hyderabad coach Tom Moody has said reaching the play-offs of the Indian Premier League is a only a step forward and his team now needs to gear up for the challenge ahead.
Rangarajan said that growth has many dimensions to it.
The Sri Lankan coach denied that the absence of Muttiah Muralitharan and Chaminda Vass has been a big blow to his team.
Watching Aavesham is like sprinting through the whole history of our mass-masala movies and seeing it in a new light, notes Sreehari Nair. And this, incidentally, is the story of Fahadh Faasil's career too.
Externally, the global economy is stabilising, with better growth is expected this year.
The Indian Premier League's Hyderabad franchise, now called 'Sunrisers', have appointed former Australia cricketer Tom Moody as the team's new coach, and former India cricketers Krishnamachari Srikkanth and VVS Laxman mentors.
The Indian Premier League's Hyderabad franchise, now called 'Sunrisers', have appointed former Australia cricketer Tom Moody as the team's new coach, and former India cricketers Krishnamachari Srikkanth and VVS Laxman mentors.
While affirming the bank financial strength rating and a stable outlook on all ratings, Moody's said in its rating action note that the long-term bank deposit and senior unsecured debt ratings for ICICI Bank UK are being changed from Baa1 to Baa2, which is similar to the Indian parent's senior debt rating.
The new Sri Lankan coach has set his sights on winning the next World Cup and a top three ranking in Test cricket.
Moody's statement comes on a day when opposition parties are observing nation-wide strike to protest against the price hike and government's move to operationalise its decision on allowing foreign direct investment in multi-brand retail.
Expressing disappointment over his team's second consecutive loss in the Indian Premier League on Saturday, Sunrisers Hyderabad coach Tom Moody said they would reflect on the performance and try to turn around the fortunes quickly.
Although fundamentals remain strong and its prospects upbeat after an impressive pace in 2007, the growth in India's domestically-driven economy would moderate in 2008 as domestic demand eases and exports cool, according to Moody's Economy.com, a subsidiary of the global credit rating agency.
According to the report by Moody's Investor Service titled 'Asia Pacific Corporates Well Positioned for Liquidity Strain; Some Challenges Evident', the capacity of Asian banks to lend has not been really affected.
Global rating agency Moody's on Thursday placed India on a possible upgrade on foreign currency debt and painted a rosy picture for the economy, projecting a seven per cent growth.
'Padmini and I are very different people.' 'Our acting styles are very different. She's from a different era.'
Moody's, on Thursday, reaffirmed its positive rating outlook for the Chinese economy on the back of favourable medium-term growth prospects.
The RBI has lowered interest rates by 1.25 per cent since January.
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