The World Bank on cut its 2022-23 (FY23) real gross domestic product (GDP) growth forecast for India to 6.5%, from an earlier estimate of 7.5%, while warning that spillovers from Russia's invasion of Ukraine and global monetary tightening will weigh on the economic outlook.

• The international financial institution also noted that slowing global demand will impact the country's exports.
• This is the third time the World Bank has revised its GDP growth forecast for India in FY23.
• In June, it had slashed its FY23 GDP growth forecast for India to 7.5%. Earlier in April, it had trimmed the forecast from 8.7% to 8%.