The Asian Development Bank has lowered its GDP growth forecast for India to 7.4 percent for the current fiscal, from the earlier 7.8 per cent.The ADB cited a weak monsoon, poor external demand, and concerns over economic reforms for the revised projections. While the ADB, in its update on Asian Development Outlook, retained the retail inflation forecast at about 4 per cent, it cautioned that a possible increase in global crude oil prices could have adverse implications for inflation.The ADB also said that growth is expected to pick up to 7.8 per cent in 2016-17, as key elements of the government's economic reform package reach fruition.