S&P Global Ratings revises India's GDP growth projection downward to 6.6% for the current fiscal year.
A 43% monsoon rainfall deficit and global energy market stress are identified as primary drivers for the slowdown.
India is working to finalize an interim trade deal with the US before the July 24 tariff deadline.
Commerce Minister Piyush Goyal will visit the UK to oversee the implementation of the India-UK CETA starting July 15.