The International Monetary Fund has cut India's economic growth forecasts for 2022 to 8.2 percent, down from a previous projection of 9%, which was already down from 9.5 percent. The war in Ukraine will have a considerable impact on the global economy, according to the IMF's World Economic Outlook released on Tuesday.

In its World Economic Outlook released on Tuesday, the IMF said, "Notable downgrades to the 2022 forecast include Japan (0.9 percentage point) and India (0.8 percentage point)." "In part, weaker domestic demand  (as higher oil prices are projected to weigh on private spending and investment)  and a drag from reduced net exports," the report said.

The fund had earlier projected that India's economy will rise at 9.5 percent in 2022. It slashed it by 0.5 percentage points in January's report, and it's now down to 0.8 percentage points. The fund also lowered its 2023 forecast by 0.2 percentage point to 6.9%.

In a report released last week, the World Bank predicted 8% growth for the Indian economy in 2022, while also warning that the war in Ukraine may stymie South Asian countries' recovery from the Covid-19's economic destruction. It went on to say that the impact on India would be "modest."

According to the report, India's GDP will grow at an annual rate of 8%, slightly lower than in 2021. The economy will continue to rise in the first half of 2022-23 due to the lingering effects of the investment programmes. "The negative impact of the Ukraine war on FY2022/23 growth is predicted to be mild," according to the analysis, "thus growth will begin to drop off in the second half of 2022."

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