World Bank downgrades India's growth forecast to 6.5 pct

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World Bank downgrades India's growth forecast to 6.5 pct

STORY: World Bank downgrades India's growth forecast to 6.5 pct DATELINE: Oct. 7, 2022 LENGTH: 0:01:31 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of banks 2. various of shopping mall STORYLINE: The World Bank on Thursday downgraded India's economic growth forecast to 6.5 percent for the current fiscal year (2022-23) from its earlier estimate of 7.5 percent announced in June. The international financial institution cited the deteriorating international environment for the downgrade. "The Indian economy will slow down in FY23, coming off a strong but incomplete recovery in FY22 (April 2021-March 2022). The spillovers from the Russia-Ukraine war and the global monetary policy tightening cycle weigh on India's economic outlook," the report said. Elevated inflation on the back of higher prices of key commodities, heightened global uncertainty, and rising borrowing costs will affect domestic demand while slowing global growth inhibits India's export growth, it said. In its biannual report on

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