“We reiterate that downside risks to our official forecast of 6.5% for real GDP growth in FY24 dominate upside risks. OPEC’s surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March. Further troubles in the financial sector in advanced nations can increase risk aversion in financial markets and impede capital flows. Forecasts of El Nino, at the margin, have elevated the risks to Indian monsoon rains," the finance ministry said in its monthly economic review for March 2023.
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