Key Points
NEW 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...
It projected the current account deficit to narrow to 2.1% of gross domestic product for the current fiscal year from an estimated 3% in the previous year, on the back of robust service exports and a narrowing merchandise trade deficit...
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..
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