The World Bank on Thursday slashed its growth forecast for India to 6.5 per cent year-on-year for 2022-23, from an earlier estimate of 7.5 per cent, while warning that spillovers from the Russia-Ukraine war and global monetary tightening will weigh on the economic outlook.

"Private investment growth is likely to be dampened by heightened uncertainty and higher financing costs," the World Bank said in its twice-a-year report on South Asia, noting that slowing global demand will impact the country's exports.