World Bank lowers India's GDP growth forecast to 6.5% from 7.5% for 2022-23

The World Bank on Thursday pared its growth forecast for India to 6.5% year-on-year for 2022/23, from an earlier estimate of 7.5%. Moreover, it also warned 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.