According to RBI Deputy Governor, the Russia-Ukraine war has harmed India's economic prospects.

Inflation is projected to be 7.5% in the first quarter of the current financial year FY23 . Inflation is forecast to reach 7.4% in the second quarter .

New Delhi, India, June 24: The latest geopolitical uncertainties in Ukraine have stifled India's economic recovery, making it seem as though it was undergoing multiple waves of the virus, according to RBI's Deputy Governor Michael Patra, who said at a PHD Chamber of Commerce and Industry function on Friday, which has put the country's growth forecast down from 7.8 percent to 7.2 percent in a row.In India, retail inflation has risen above the RBI' In the first quarter of the current financial year FY23, inflation is projected to be 7.5%.It is forecast to reach 7.4 percent in the second quarter.It is expected to be 6.2 percent for the third quarter.According to Patra, the food group plays a large role in the inflation cycle, with crude oil prices rising, deteriorating financial markets, capital outflows, and supply chain disruptions, which, in the end, has tainted the country's economic outlook.Patra said that the recent monetary policy committee review, which began earlier this month, has been modest, averaging at 6.1 percent, which suggests that the country's CAD has increased.