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World Bank cuts India's growth forecast amid global uncertainties
World Bank, IMF trim India’s growth forecast; global jitters, policy fog cast long shadows over South Asia’s economic hopes.
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Reuters1 - Wed, 23, Apr 2025
- 09:36 EDT
- 78
A man walks along a wall overlooking the central Mumbai's financial district skyline, India, March 9, 2017. / REUTERS/Danish Siddiqui/ File Photo
The World Bank cut its economic growth forecast for India on April 23, citing increased uncertainty in the global economy that will dim prospects for most South Asian nations.
The World Bank lowered its forecast for India by 0.4 percentage points to 6.3 percent for the fiscal year that started on April 1, from its previous forecast in October.
Also read: World Bank's Banga urges developing nations to lower tariffs, focus on regional trade
"Benefits to private investment from monetary easing and regulatory streamlining are expected to be offset by global economic weakness and policy uncertainty," the World Bank said in its report on South Asia.
It cut its growth forecasts for most South Asian nations, citing "limited buffers to withstand global challenges."
Earlier this week, the International Monetary Fund (IMF) also cut its economic growth forecast for India for the current fiscal year, citing increased trade tensions and global uncertainty.
The IMF lowered its forecast to 6.2 percent from the 6.5 percent it had forecast in January for the current fiscal year.
The World Bank and IMF's revised forecasts are marginally below the Reserve Bank of India's 6.5 percent growth estimate.
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