IIP to rise to 3.5% in January, according to a poll of 19 economists conducted by Moneycontrol between March 5 and March 7. Industrial production growth is expected to stay below 4 percent for another month as manufacturing struggles to find its footing. HSBC India Manufacturing Purchasing Managers’ Index dipped to a 14-month low of 56.3 in February from 57.7 in the previous month. The decline in inflation below RBI’s mid-point mark of 4 percent coupled with a fall in manufacturing, is likely to move the Monetary Policy Committee towards another 25 bps rate cut in the upcoming April meeting. A Moneycontrol poll conducted prior to the release of GDP data in February had predicted aRate cut in April with 77 percent probability. As a share of GDP, manufacturing dipped again to 15.7 percent from 16 percent average over the last decade and a half. The MC poll forecasts for IIP growth ranged from 3 to 4.4 percent. The government expects growth to settle higher at 6.5 percent from 6.4% estimated earlier.