Citing the deteriorating global scenario, the World Bank on Thursday downgraded India's GDP forecast for the current fiscal to 6.5 percent. In June 2022, it had projected that the Indian economy will grow at a rate of 7.5 percent.

In April also, the World Bank had cut India's GDP forecast from 8.7 percent to 8 percent. At the same time though, it noted that India's economic recovery is faster than the rest of the world. The forecast has come just days before its annual meeting.

The Reserve Bank of India (RBI) had also cut the economic growth projection for 2022-23 from 7.2 percent to 7 percent, citing the tightening of rates by the US Federal Reserve and the prevailing geopolitical scenario. (KB/IANS)