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The Financial Express

World Bank cuts India's growth forecast to 6.5pc for 2022/23

| Updated: October 07, 2022 14:55:42


Debashis Dhara, a vegetable vendor, speaks on his mobile phone at a retail market area in Kolkata, India, March 22, 2022. Picture taken March 22, 2022. REUTERS/Rupak De Chowdhuri/File Photo Debashis Dhara, a vegetable vendor, speaks on his mobile phone at a retail market area in Kolkata, India, March 22, 2022. Picture taken March 22, 2022. REUTERS/Rupak De Chowdhuri/File Photo

The World Bank on Thursday slashed its growth forecast for India to 6.5 per cent year-on-year for 2022/23, from an earlier estimate of 7.5 per cent, while warning that spillovers from the Russia-Ukraine war and global monetary tightening will weigh on the economic outlook.

"Private investment growth is likely to be dampened by heightened uncertainty and higher financing costs," the World Bank said in its twice-a-year report on South Asia, noting that slowing global demand will impact the country's exports, reports Reuters. 

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