New Delhi: The World Bank lowered India’s growth projection to 6.3% for the current fiscal year, down from 6.5%. It argued that the benefits to private investment from monetary easing and regulatory streamlining would be offset by global economic weakness and policy uncertainty.
The multilateral agency is the latest to lower the forecast, and this came a day after IMF also cut the growth outlook by 20 basis points in the wake of the trade war. “Private consumption is expected to benefit from tax cuts, and the improving implementation of public investment plans should boost govt investment, but export demand will be constrained by shifts in trade policy and slowing global growth,” the World Bank stated in the South Asia Development Update .