World Bank cuts India’s growth forecast to 6.5% for 2022-23: The World Bank has reduced the GDP growth forecast of India for 2022-23 to 6.5% from 7.5%.
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Reason: The impact of the ongoing war in Ukraine, rising global interest rates and high inflation.
The organization has also noted that slowing global demand will impact the country’s exports. Recently, RBI has cut the economic growth projection for the current fiscal to 7%. UNCTAD has also declined the India’s economic growth will decline to 5.7% for 2022-23.
