World Bank Lowers India’s GDP Forecast: The World Bank had lowered India’s GDP growth forecast for the current financial year by 8.7 per cent in April to 8 per cent. At the same time, it has been reduced once again to 7.5 percent.

India’s economic growth will be 7.5 percent in the financial year 2022-23. The World Bank has revised the country’s GDP growth forecast. The forecast has been cut for the second time in a row by the global body. While releasing the report in this regard, the reason for this has been attributed to rising inflation, supply chain disruptions and the Russo-Ukraine war.

Significantly, the World Bank had reduced India’s GDP growth rate for the current financial year by 8.7 per cent to 8 per cent in April. At the same time, it has been reduced once again to 7.5 percent. Let us inform that in the financial year 2021-22, India’s GDP growth rate was 8.7 percent. The World Bank has said in the Global Economic Prospects report that in view of the challenges like rising inflation, disruption in the supply system and global tensions from the Russo-Ukraine war, India’s economic growth forecast for the financial year 2022-23 has been reduced. . It said that the improvement being seen in the economy after the reduction of corona cases, the reasons mentioned may have an adverse effect on it.

Let us inform here that inflation has reached its peak in the country and this is the reason why the Reserve Bank of India (RBI) has increased the repo rate twice in a span of just 35 days. While on May 4, the RBI had increased the repo rate by 40 basis points, while on Wednesday, after a three-day meeting, the central bank increased the repo rate by another 50 basis points. RBI has also termed rising inflation in the country as a matter of concern. Retail inflation in the country has reached 7.79 percent, while wholesale inflation has crossed 15 percent.