Earlier this week, the International Monetary Fund (IMF) also cut its economic growth forecast for India for the current fiscal year, citing increased trade tensions and global uncertainty. The IMF lowered its forecast to 6.2% from the 6.5% it had forecast in January for the current fiscal year.

The International Monetary Fund on Tuesday slashed its forecasts for growth in the United States, China and most countries, citing the impact of U.S. tariffs now at 100-year highs, and warning that further trade tensions would slow growth further.