India has forecast its economy will grow 8% to 8.5% for the fiscal year starting in April, down from 9.2% projected in the current year, as it fights a spike in COVID-19 cases and rising inflationary pressure.
At that pace, India's economic growth next fiscal year will still be the fastest among major economies.
India, which meets nearly 80% of its oil needs from imports, faces the risk that inflation will hit consumer demand as global crude prices hover near a 7-year high at more than $90 a barrel. Private economists said the government and central bank would have to balance their efforts to support economic growth considering rising inflationary pressures and sluggish domestic demand.
India's economy has been on the mend after the government lifted mobility measures in June to curb the spread of coronavirus, after contracting 7.3% in the previous fiscal year.
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