The Asian Development Bank on Wednesday lowered India’s 2017 economic growth forecast to 6.7% from the earlier 7%, saying recovery in the Indian economy was stifled due to rising global crude oil price and subtle private investment. It also cut the outlook for the country's economic growth for 2018.

“Owing to tepid growth in the first half of 2017-18, the lingering effects of demonetization, the transitory challenge of the new tax system and some risk to agriculture stemming from spotty monsoon in 2017, the economy is now expected to grow by 6.7%, slower than 7% forecast in the September update,” ADB said in a supplement to Asian Development Outlook.

It also cut the projection for 2018 economic growth by one percentage point to 7.3% for India while maintaining the overall growth forecast for South Asia at 7%.“Recovery in the Indian economy is more subdued than assumed earlier due to rising crude oil prices, soft private sector investment and weather-related risk to agriculture,”” said ADB chief economist Yasuyuki Sawada.

ADB’s growth estimates have come at a time when India’s economy grew 6.3% in the September quarter reversing a slowdown of five consecutive quarters.

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