NEW DELHI, April 25 Reuters There are risks to India achieving its real growth forecast of 6.5 for the financial year that started April 1, partly due to a rise in oil prices and troubles in the global financial markets, the government said on Tuesday.

Earlier this month, the International Monetary Fund IMF predicted the Indian economy would grow 5.9 in the 202324 financial year, down 0.2 from its January estimate, as it warned that turmoil in the financial system will hurt global growth.

We reiterate that downside risks to our official forecast of 6.5 for real GDP growth in FY24 dominate upside risks, India39;s finance ministry said in a monthly economic review.

Factors such as potential risks from El Nino conditions could also lower agricultural output and impact prices, apart from geopolitical conditions, affecting growth and anticipated inflation, the review said.

However, the country is projected to be the world39;s fastest growing economy in 202324 on the back of robust macroeconomic conditions. These include easing inflation, improved current account deficit and a strong banking system.

The Indian finance ministry39;s review also said the country39;s banking system is less prone to incidents such as collapse of a few banks in the US and Europe owing to an interest rate tightening cycle.

Banking supervision is robust with the Reserve Bank of India39;s overarching coverage of institutions, regardless of asset size, in its biannual assessment of financial…