From 7.5 percent in April of this year, the Asian Development Bank (ADB) on Thursday reduced its FY23 growth forecast for India to 7.2 percent.
The Bank blamed India’s rising food and fuel prices for the revised forecast. This is also related to the ongoing geopolitical conflicts and supply-chain disruptions that are making the economic situation worse.

The report states that “a worsening fallout from the conflict in Ukraine could lead to a further increase in the price of commodities and energy, with likely spillover effects on growth and inflation in developing Asia.”