On Tuesday, April 4, the World Bank (WB) and the Asian Development Bank (ADB) lowered their growth forecasts for the current fiscal year on Tuesday. For good reason, they cite weak global conditions and rising interest rates.

For the current fiscal year, the World Bank's latest update on India's development set the country's growth rate at 6.3%, up from an earlier estimate of 6.6%. Also, this year, the African Development Outlook (ADO) of the African Development Bank forecasts a GDP growth rate of 6.4%, compared with 7.2% previously projected, with a resumption next year.

In a press release, Takeo Konishi, ADB's country director for India, said that “despite the global slowdown, India's economic growth rate is higher than in many comparable economies and reflects relatively robust domestic consumption and less dependence on energy ; guard of global demand.”