The Reserve Bank of India’s Dr Nagesh Kumar in the minutes for Monitory Policy Committee Meeting from April 7 to 9 flagged serious concerns over the ongoing trade wars, saying India’s growth prospects will be affected adversely. “There is a serious risk of the world economy getting into a prolonged recession because of the trade wars and protectionism, which would also affect India’s growth prospects adversely. The WTO has already warned about the negative outlook for world trade. The global GDP growth projections for the current year are likely to be revised downwards in the aftermath of the reciprocal tariff and the trade war,” said Dr Nagesh Kumar in the MPC minutes released on Wednesday.
