India's growth estimate lowered to 7.5 percent by the World Bank

The report also mentioned that in India, the growth rate had dropped in the first half of 2022 as there was a spike in COVID-19 cases

India's growth estimate lowered to 7.5 percent by the World Bank
Photo by Markus Krisetya / Unsplash

The World Bank revised India's economic growth prediction for the current fiscal year down to 7.5 percent on Tuesday, citing increasing prices, supply disruptions, and geopolitical concerns as reasons for the drop.

This is the second time the World Bank has changed its GDP growth prediction for India in the current fiscal year (2022-23). It had lowered the projection from 8.7 percent to 8 percent in April, and now it is predicted to be 7.5 percent. The GDP growth is compared to the 8.7 percent growth achieved in the previous fiscal year from 2021-22.