NEW DELHI, (Reuters) – India’s economy growth rate will slow if central banks raise interest rates. Finance Secretary TV Somanathan spoke to CNBC TV18 Thursday.

A source claimed that India’s central banking will likely raise its inflation projections for current fiscal year during its June monetary policy meeting. It also may consider increasing interest rates, as a result.

Following an emergency meeting, the central bank raised its repo rates by 40 basis points to 4.40%.