Is it true that the World Bank has slashed the projected growth rate for India in FY22?

The World Bank has just cut India's GDP forecast for FY22 to sharply from the original 11.2% to 8.3%. While the cut is sharp, this is a full 80 bps lower than the RBI estimate. World Bank expects the output to be badly impacted by the second wave of COVID 2.0. This is likely to be leading to lockdowns across the board as another third wave is also likely.

However, World Bank had given a caveat that it expects policy support to fill the gaps via higher spending on infrastructure, rural development and health. COVID is likely to impact household and corporate balance sheets and have a impact on demand for most consumer and capital goods.