1 year, 8 months ago
World Bank lowers India's current fiscal year growth forecast to 6.3%
Deccan ChronicleNEW DELHI: The World Bank on Tuesday lowered its forecast for India's economic growth in the current fiscal year that started on April 1 to 6.3% from 6.6% as it expects higher borrowing costs to hurt consumption. "Rising borrowing costs and slower income growth will weigh on private consumption growth," the World Bank said in a report. The World Bank estimated last fiscal year's growth at 6.9%. Spillover from recent turmoil in financial markets in the United States and Europe pose a risk to short-term investment flows to emerging markets, including India, said World Bank economist Dhruv Sharma.
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History of this topic
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