The Indian economy's growth will likely slow to dangerously low levels in the June quarter, according to a fresh survey report.

Most economists surveyed by Reuters over the past week expect the current financial year to be worse for India's economic growth than the last financial year (FY2012-13), in which the country's gross domestic product (GDP) slipped to 5 per cent - the lowest level in around a decade.

For the three months ended June this year, analysts pegged their average GDP forecast at 4.7 per cent.

The Indian economy has for many months been in the grip of several financial issues, including high current account deficit (CAD), decline in business confidence and depreciation in the value of rupee.

On Wednesday, BNP Paribas said in a note, "The economy appears to be entering a tailspin as business confidence collapses under the weight of rapid rupee depreciation, rising energy costs, sharply tightening financial conditions and policy confusion."

Investors have been pulling their money from Indian stocks and bonds. Since May, investors have withdrawn nearly $7.4 billion from Indian markets.

In the first three months of the current financial year, India's GDP had grown 4.8 per cent year-on-year.