World Bank cuts India’s GDP growth forecast

New Delhi: Citing the worsening global scenario, the World Bank on Thursday lowered India’s GDP forecast for the current fiscal to 6.5 percent.

In June 2022, the Indian economy was projected to grow at a rate of 7.5 percent.

Also in April, the World Bank cut India’s GDP forecast from 8.7% to 8%.

At the same time, however, it is noted that India’s economic recovery is faster than the rest of the world.

The forecast came just days before the annual meeting.

The Reserve Bank of India (RBI) also cut its economic growth forecast for 2022-23 from 7.2 per cent to 7 per cent, citing the tightening of interest rates by the US Federal Reserve and the prevailing geopolitical scenario.

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