Foreign investment firm Credit Suisse First Boston said on Thursday that delayed monsoon is unlikely to have a "significant impact" on India's economic growth pegged at 5.7 per cent in 2004-05.

CSFB also said Indian rupee is slated to appreciate to Rs 44.5-45 a dollar in the coming 3-6 months.

Commenting on the overall economy, it said, "The impact of lower than expected monsoon rains is unlikely to have significant impact on domestic demand. We maintain our 2004-05 GDP growth forecast of 5.7 per cent."

Dismissing any concern over balance of payment and fiscal deficit, CSFB said changes in interest and tax rates on non-resident Indian deposits are unlikely to weaken the balance of payment substantially.

"Strong private transfers and software service growth, along with pick-up in portfolio flows and large stock of foreign reserves are likely to cushion downside surprises in net capital outflows from NRI accounts and high oil prices," it said.