The World Bank has cut Indias GDP forecast for fiscal year 2022-23 to 8% from 8.7% predicted earlier, citing the impact of the war in Ukraine, high global oil prices, elevated inflation and supply disruptions. The World Bank lowered its growth estimate for India, the regions largest economy, to 8% from 8.7% for the current fiscal year to March, 2023 and cut by a full percentage point the growth outlook for South Asia, excluding Afghanistan, to 6.6%. The international lender said that in India, household consumption will be constrained by the incomplete recovery of the labour market from Covid-19 and inflationary pressures.
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